Shoppers in the used vehicle market may finally be seeing the light at the end of the tunnel, but only for certain types of vehicles.
If you’re seeking for lower costs in some used segments, you might be in luck. According to Cox Automotive’s newest Manheim Used Vehicle Index, used pricing has dropped roughly 4% year on year as of last month, with one exception: trucks.
According to Cox, used small car pricing was down nearly 10% year over year in September, while used midsize car and luxury vehicle pricing were down 5.9% and 6.7%, respectively. Cox said that used SUV and van prices were down 3.5% and 2.3%, respectively, year over year.
However, pickup vehicle pricing has remained resilient, up nearly 1% year on year. This is primarily owing to their use for employment.
Overall, despite small increases in the used car market in 2020 and 2021, supply for used automobiles is tight now, according to Cox, and is tighter than at the same stage last year and prior to COVID.
Cox noted that used vehicles were still offered for an average of $26,717 at the start of October, which is quite expensive. At the end of September, used inventories had a supply of 47 days, down from 54 days the previous year.
