Wholesale Used-Vehicle Prices Decrease

Key takeaways: 2023 ended with the Manheim Used Vehicle Value Index at 204.0, a decline of 7% from one year earlier. The 7% decline was sizeable but less than half of the decline recorded in 2022, when values declined 14.9% year over year. Still, while wholesale values typically end December up 3% year over year – not lower as seen in 2022 and 2023 – the market did see some normalization in price patterns through the year, with MMR values more aligned with 2014-to-2019 averages and less like the abnormalities of 2020 and 2021.   

What’s next: While prices have come down over the last two years, they remain approximately 33% higher than the end of 2019. More normal price depreciation is expected in the year ahead, where the Manheim Index is up slightly with just 1-2% higher-than-normal depreciation.