Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.3% from May in the first 15 days of June, according to Manheim. The mid-month Manheim Used Vehicle Value Index released on June 18 fell to 196.8, which was down 8.5% from the full month of June 2023. The seasonal adjustment lessened the impact for the month. The non-adjusted price change in the first half of June declined 1.6% compared to May, while the unadjusted price was down 9.5% year over year.

“May ended with stronger than normal price declines in the last few weeks, and that’s continued into early June,” said Jeremy Robb, senior director of Economic and Insights at Cox Automotive. “We are still seeing higher sales conversion levels with days’ supply down as sales have continued to run above last year’s levels.”

Over the last two weeks, the Manheim Market Report (MMR) prices in the Three-Year-Old Index decreased an aggregate of 0.9%, which was above the typical normal decline of 0.2% observed at this time of year. Over the first 15 days of June, MMR Retention, the average difference in price relative to current MMR, averaged 98.7%, indicating that valuation models are lagging behind market prices early in June. MMR retention is down one-tenth of a point compared to the prior year at the beginning of June. The average daily sales conversion rate of 57.8% in the first half of the month was below the June 2019 daily average of 60.7%. The conversion rate has risen almost 2 points from May 2024, indicating that we are seeing stronger buying demand at wholesale markets since the end of May.

All major market segments saw seasonally adjusted prices that remained lower year over year in the first half of June. Compared to the industry’s year-over-year decline of 8.5%, the pickup segment was the only group to outperform the index overall, falling by 7.5% against 2023. The remaining segments did worse year over year, with SUVs down 9.2%, luxury falling by 10.0%, midsize cars declining 10.1%, and compacts performing the worst, down 11.2% year over year.