Used Car Market faces new challenges. New data emerge this week for October that shows wholesale used-vehicle prices continue to slide and have reached the lowest levels since April 2021. The data was published by Auto research firm Cox Automotive.
Used Vehicle Value Index stood at 209.4 in October, down 2.3% from September. The index is down 4% from a year ago. These wholesale prices filter into the retail side of the market with a slight lag.
Cox Automotive released a statement regarding this: “October revealed some not-so-spooky price moves, namely a reversal of the gains that were seen during the prior two months.”