The Manheim Used Vehicle Value Index (MUVVI) reported a continued decline in used vehicle values, falling to 196.1 in June.
This marks the third consecutive month of decreases but indicates a slowing pace of decline. The MUVVI ended the first half of 2024 down 8.9% from the previous year but showed only a 0.6% month-over-month drop.
Despite some retail sales disruptions and a decrease in lease maturities affecting vehicle inventory, demand signals suggest stabilization in the market for the rest of the year. “We may even see a few months of growth before the end of 2024,” said Jonathan Smoke, Chief Economist at Cox Automotive.
The average price for rental risk units at auction in June also decreased, down 14.8% year over year. Retail used-vehicle sales in June were down 5% compared to May but remained 3% higher than the same period last year.
