Cox Automotive reported that its Manheim Used Vehicle Value Index (MUVVI), which tracks the auction prices of used cars, plunged the most on record in December from a year ago as the auto market cools.
MUVVI increased 0.8% in December from November and rose slightly to 219.3, but was down 14.9% from a year ago. “This was the largest annualized decline in the series’ history,” Manheim wrote in a statement.
Despite the most significant yearly decline on record, used car prices at auction houses remain 14% below record highs.
Manheim wrote that all eight segments of the used car market recorded lower seasonally adjusted prices year over year in December. They noted, “vans had the smallest decline at 12.0%, followed by pickups, sports cars, and compact cars at 12.2%, 12.6%, and 13.5%, respectively.”
Last year they where the highest in history.