Declines in Manheim Market Report (MMR) prices accelerated over the last four weeks, with the first two weeks of April seeing a decline of 4.8% in the Three-Year-Old Index.
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 11.8% comparing the first 15 days of April to the month of March.
The path forward depends on the status of the pandemic and the economic response, neither of which is certain. While the decline in wholesale used vehicle prices so far in April is historic, retail prices are holding steady. When the Manheim Index fell 10.5% over two months in the fall of 2008, the horizon looked bleak. Yet vehicle values fully recovered after just seven more months.
Read the article at Cox Automotive.