One of the wholesale indicators used vehicle prices fell again in October and marked five in a row months of decline.
Cox Automotive said Monday that it did Manheim Used Car Price Index — a measure of wholesale used car prices that Manheim compiles by tracking cars sold at auction in the U.S. and applying statistical analysis to those numbers — fell 2.2 percent in October from September. It follows from a a significant decrease in August and another recession in September.
Wholesale prices at the end of October decreased by 10.6 percent compared to the same period last year. These numbers are adjusted for mix, mileage and seasonality. On an unadjusted basis, the Mannheim index was down 2.1 percent from September’s level, and prices were down 9.3 percent for the year.
According to Cox, retail prices fell 9 percent in October from September, and they fell 13 percent from the same period last year. Sales fell 32 percent from October 2019, the worst monthly comparison this year, Cox said.
According to Cox’s estimates, at the end of October, the retail supply of used cars was 49 days. This is down from 52 days at the end of September, but up from 40 days at the end of October 2021. Wholesale supplies totaled 28 days in October, unchanged from the end of September, but above 20 days at the end of October 2021.
Average wholesale prices for 3-year-old cars, the largest model-year cohort at Manheim auctions, fell 2.2 percent in October from September.