Manheim Used Vehicle Value Index<\/a> released Monday, used retail sales are up 13 percent from February 2022.<\/p>\n\n\n\nJeremy Robb, senior director of economic and industry insights at Cox Automotive, points out lower retail prices, shown in the VAuto data, are fueling the increase in sales.
Retail used prices dropped by $1,500 at the start of 2023. The January average retail price was at $27,000.<\/p>\n\n\n\n
\u201cThis stirred increased demand from the retail buyer base, as some consumers had put off buying due to higher interest rates and increased economic uncertainty,\u201d Robb said.<\/p>\n\n\n\n
The increase in sales has depleted some inventory. Listings are down 13 percent from a year ago. Supply is at 44 days, lower than any point in 2022.<\/p>\n\n\n\n
\u201cIf consumer demand continues, it\u2019s going to add more pressure for dealers to restock,\u201d Robb said. \u201cRight as we go into the spring selling season.\u201d<\/p>\n\n\n\n
The current retail sales increase is attributed to the decrease in the wholesale prices last year.<\/p>\n\n\n\n
\u201cThe principal reason for improving used retail sales early in 2023 is the price decline that was a product of last fall\u2019s wholesale price drops,\u201d said Jonathan Smoke, Cox Auotmotive Chief Economist.<\/p>\n\n\n\n
Inventory in the wholesale market is currently down 10 percent from last year. Days of supply is at 24 days.<\/p>\n\n\n\n
\u201cWholesale used vehicle prices increased a surprising 4.1 percent from January in the first 15 days of February,\u201d Robb said. \u201cThis was the biggest February increase since 2009\u2019s full month 4.4 percent gain.\u201d<\/p>\n\n\n\n
Robb cautioned the market will remain unpredictable in 2023 due to the economic uncertainty.<\/p>\n","protected":false},"excerpt":{"rendered":"The retail used market continues a strong start to 2023. According to mid-month Manheim Used Vehicle Value Index…\n","protected":false},"author":1,"featured_media":3276,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[3],"tags":[],"class_list":{"0":"post-3446","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry","8":"cs-entry","9":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/3446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=3446"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/3446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3276"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=3446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=3446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=3446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}