Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) were essentially unchanged from May after the first 15 days of June. This kept the Manheim Used Vehicle Value Index at 222.7, which was up 11.1% from June 2021. The non-adjusted price change in the first half of June was a decrease of 0.3% … Continued
Revised, July 14, 2022 – In contrast to new vehicles that are seeing rising prices, the average listing price of used vehicles has begun to inch down ever so slightly as supply holds relatively steady, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.47M Total UnsoldUsed Vehiclesas of May 30 48 Days’ … Continued
Revised, July 14, 2022 – New-vehicle inventory remained at the same level it has been for months, according to Cox Automotive’s analysis of vAuto Available Inventory data, despite comments from some automotive executives that the global computer chip shortage is easing, and vehicle production is resuming to normal levels. 1.13M Total Inventoryas of May 30, … Continued
The Fed raised the target for the Federal Funds Rate by three-quarters of a percentage point today as it becomes more aggressive in its quest to rein in inflation. The increase in the target rate was the largest in almost 28 years. The Fed has now increased the target rate by 1.5 percentage points and … Continued
New-vehicle affordability worsened again in May, with increases in interest rates and vehicle prices outpacing income growth. The number of median weeks of income needed to purchase the average new vehicle increased for the fourth consecutive month reaching 41.3 weeks in May from an upwardly revised 40.8 weeks in April. Cox Automotive/Moody’s Analytics Vehicle Affordability … Continued
Our Kelley Blue Book team offers plenty of good advice for vehicle buyers; one of their most well-known features is the annual 5-year Cost to Own research. In that study, the team considers the total vehicle-related costs an owner will likely have to cover during the first five years of vehicle ownership. This includes out-of-pocket … Continued
Financial markets sold off Friday with the report on the Consumer Price Index showing inflation accelerating again in May. Inflation is also weighing on consumer attitudes as measures of consumer sentiment have shown further declines. The gains in inflation were broad based, but energy, food, shelter and vehicles played outsized roles in the monthly acceleration. … Continued
Certified pre-owned (CPO) sales in May fell to 208,423 units, down 7% from April’s 223,999 unit sales and down over 22% from May 2021. May’s CPO sales result is the lowest since February and halts four straight months of increases. MAY 2022 CPO SALES Leveraging a same-store set of dealerships selected to represent the country … Continued
Access to auto credit tightened in May, according to the Dealertrack Credit Availability Index for all types of auto loans. The All Loans Index declined 0.8% to 105.4 in May, reflecting that auto credit was harder to get in the month compared to April. Access was looser by 7.9% year over year, and compared to … Continued
The Cox Automotive Monthly Industry Update is produced by the Cox Automotive Economic and Industry Insights team with the goal of providing a holistic look at the auto industry’s performance each month in video format. In Episode 2, Cox Automotive Research Manager Rebecca Rydzewski is joined by Senior Economist Charlie Chesbrough, Chris Frey, senior manager … Continued