Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.47% month over month in October. This brought the Manheim Used Vehicle Value Index to 161.9, a 15.4% increase from a year ago.
The non-seasonally adjusted (NSA) monthly change was -1.9%, which was more in line with what we have been seeing in weekly price trends. The difference between the price metrics is primarily a result of the seasonal adjustment, which expects a larger decline in October. For example, across the full history of the Manheim Index, October has averaged a 2.1% monthly decline in the NSA price. Indeed, last year the decline was 2.7%.
For 25 years, the MUVVI has been the definitive source on the state of the used vehicle market. Based on millions of individual valuations each year, it is the automotive industry’s only measure of used vehicle values that is seasonally adjusted and accounts for changes in mix and mileage of vehicles sold. The monthly data is derived from vehicles sold at Manheim’s U.S. locations and on its digital properties. Stock market analysts and media use the MUVVI as an indicator of the health of the economy and automotive industry.
The complete suite of monthly MUVVI data is released the fifth business day of the month. The next quarterly call will be held on Friday, Jan. 8, 2021. If you have any questions regarding the Index, please contact the Cox Automotive Industry Insights team at Manheim.Data@coxautoinc.com.