According to the Manheim Used Vehicle Value Index, used-vehicle prices have declined in June when compared to the previous month, but are still up year over year. The index for June 2010 stood at 120.2; compared to 121.0 in May and 114.1 in June 2009.
Tom Webb, Manheim”s chief economist, attributes the decline to a ceiling created by new-vehicle prices, and a leveling of demand caused by concerns over the economy and unemployment.
Webb also mentioned that there are substantially fewer current-year and year-old used vehicles available for wholesale purchase due to the reduction in number of rental cars repurchased by manufacturers.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)