Wholesale used vehicle values dropped for the fifth straight month, bringing the Manheim Used Vehicle Value Index to 120.7, down 2.4% from a year ago. The August drop was less than each of the three prior months, and adjustments will likely be less severe going forward.
Keep Things in Perspective from a Historical Viewpoint:
Wholesale prices still up 24% from trough in Q4 2008, and down 6% from record high in May 2011.
Certified Pre-owned Vehicle Sales Reached Highest August Level Ever:
Even though challenge of finding adequate qualifying inventory remained intense.
Increased Pressure from New Vehicle Market Took its Toll on Used Cars:
Despite rising gas prices, residuals for compact and midsize cars continued to fall at faster rate than did overall market.