Used Car Prices Recorded the Biggest Drop in October Since December 2008
Used car prices continue to crash per Manheim Used Vehicle Value Index. The year-over-year change came in at -10.4% in October, the worst since December 2008.
The Manheim Used Vehicle Value Index fell to 200.0, which was down 10% from October 2021. "Luxury cars led the pack with a 13.5% year-over-year decline in prices, followed by SUVs (-12.3%), midsize cars (-10.4%), pickup trucks (-8.4%), vans (-6.3%) and compact cars (-5.4%)," according to a Bloomberg report citing the Manheim Used Vehicle Value Index.
Manheim believes the used vehicle market has been oversupplied for most of the year. Dealers built up inventory in January and February; but because of sales failing to live up to normal levels in the spring and summer, supplies have remained elevated.
Sagging used-car prices are hurting the profits of car dealers and rental car companies.![]()
Used-car dealers' shares price action:
mooers, do you feel that the price of used cars in your city has dropped significantly? Please share with us! ![]()
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Xiaoxi_penguin : No, I think vehicles have little to do with inflation since people are more worried about essentials like food or drinks during inflation period. Moreover, vehicles depend a lot in the mindset. Those who are of high status will always go for the highest tech vehicle no matter the cost while the average tend to find a normal looking car instead and the poor will be separated into lowest priced used cars and alternatives like public vehicles etc... Pulling the overall used vehicle prices down won’t impact much at the lower end since there is a certain minimal end price that can't go any deeper. If the government really want to combat against the inflation, please focus on essential stuff that could lead the people not worried about survivals
N8TIV3 : THEY NOT DOWN NICE TRY THO YEA DOWN SOME FROM THE 90% MARKUP YOU HAVE THEM AT NOW MAYBE FUKKK THE GOVERNMENT
70185181 : The sharp drop in used car prices indicates a clear decline in inflation. Bad news is good news.
Wale Xiaoxi_penguin: actually it has a little to do with the perception of affordability. Car companies have tried to lock in revenue margin from supply shortages and uptick in price. With the surging inflation and rising prices, consumers stepped back and now car companies are stuck with their inventories.
Xiaoxi_penguin Wale: Valid reason
Xiaoxi_penguin Xiaoxi_penguin: Opps my bad, was reading so much about sagging used car vs inflation debates for the past few months that I thought this article was about it. Just realized I misread it
