Used-Vehicle Prices Rise in January

Wholesale used-vehicle pricing unexpectedly rose month-over-month in January as a result of increased demand.  According to Cox Automotive’s Manheim Used Vehicle Value Index, used vehicle prices rose 2.5% when adjusted for mix, mileage, and season. This increase was the largest month-over-month wholesale increase since November 2021.

Cox also said that consumers’ views on vehicle-buying conditions has improved to its highest level since July 2021. Prices for used vehicles have been rising since the pandemic constrained new-vehicle inventories due to supply chain issues. The average listed used-vehicle price in December 2022 was $27,143.