Used car prices post biggest drop ever as new luxury car sales boom
Économie Les prix des voitures doccasion affichent la plus forte baisse jamais enregistrée alors que les ventes de voitures de luxe neuves explosent 01/10/2023 Nouvelles Bitcoin Ethereum The volatility in the used car market rolled on in 2022, but there might be some relief for car buyers coming this year. La Manheim Used Vehicle Value Index (MUVVI) for the month of December posted a 0.8% increase in wholesale auto prices month over month, however it dropped a whopping 14.9% year over year, the largest annualized price decline ever in the 26-year history of the index. That being said, Decembers index rating of 219.3 is still much higher than pre-pandemic levels, when the 2019 average index rating came in at 151.5. The Manheim Used Vehicle Value Index (MUVVI) for the month of December “It‘s undeniable that 2022 culminates with unprecedented declines in the MUVVI, but it’s important to look at the bigger picture,” said Jonathan Smoke, Cox Automotives chief economist. “These last three years have been extremely volatile for the market, and these declines follow record increases. In December 2021, we were up 47% year over year. The pre-pandemic levels will likely never return, but all indicators point to reaching equilibrium in the second half of 2023.” That equilibrium could