Used Car Prices Up 5.1%, Consumer Confidence Hits 17-Year High

Wholesale used vehicle prices rose 5.1% in February, from the same month in 2017, but prices were flat compared to January as consumer confidence increased to the highest level since November 2000, according Jonathan Smoke, chief economist for Cox Automotive and compiler of the Manheim Index.

The Manheim Used Vehicle Value Index increased to 131 but is at the lowest level since July 2017. Prices rose for all types of vehicles, except for midsize cars. Prices increased the most for pickups and vans.

“As expected, now that prices are more in line with the general trend prior to the hurricanes, the rapid acceleration of depreciation has slowed to normal,” according to the Manheim used vehicle report. “We will likely miss the normal ‘bounce’ in used vehicle prices in March as tax refunds will again be delayed as part of the IRS effort to combat identity fraud.”    MORE

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