United States Used Car Prices MoM

The Manheim Used Vehicle Value Index for the US increased 1.2% month-over-month in August 2024, following a 2.8% rise in July which was the highest gain since February 2023. "Sales conversion continued to rise and held at much higher levels than prior years for the month as more buyers came to markets to replenish supply for used retail inventory. We know lease maturities are on the decline, and used retail days’ supply has tightened over the last month. That will likely keep pressure on buyers at Manheim in the next several weeks”, said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. Used car prices rose the most for luxury (3.5%), followed by midsize sedans (1.6%), SUVs (1.1%), pickups (0.3%), and compacts (0.2%). Year-on-year, used car prices decreased 3.9%, the smallest decline since September 2023, following an 4.8% drop in July.