April 2024: Wholesale Used-Vehicle Prices Dip Amidst Retail Sales Fluctuations

In April, wholesale used-vehicle prices saw a decline compared to March, marked by a 14.0% drop in the Manheim Used Vehicle Value Index (MUVVI) from the previous year. This decrease, magnified by seasonal adjustments, reflected a broader trend of falling prices, with major market segments experiencing year-over-year declines. Retail used-vehicle sales dipped by 4% from March but showed a 9% increase compared to the previous year, accompanied by a 2% rise in average retail listing prices. Concurrently, consumer confidence took a hit in April, with declines across various indices, affecting perceptions of buying conditions for vehicles amidst rising gas prices. These shifts underscored a complex interplay of market forces influencing both wholesale and retail aspects of the automotive industry.