Wholesale used-vehicle prices were down in March compared to February. The non-adjusted price in March increased by 3.1% compared to February, moving the unadjusted average price down 11.4% year over year.
“Our normal spring bump was a bit muted this year, but the wholesale market progress in terms of timing and weekly changes – it was the most normal pattern we’ve seen in some time,” said Cox Automotive Chief Economist Jonathan Smoke. “From a historical perspective, we typically see a 3.4% increase in March (non-seasonal) and came up with a 3.1% this year. We expect the market and prices to continue a downward trend – demand is tepid at best, as shoppers just don’t have any urgency to buy in the current economic environment.”
