The Manheim Used Vehicle Value Index (MUVVI), provided by Cox Automotive, indicated a downturn in wholesale used-vehicle prices on a mix, mileage, as well as seasonally adjusted basis in May 2024, compared to the previous month.

The index dropped to 197.3, down 12.1% compared to the year-ago period.

Seasonal adjustments to MUVVI softened the monthly decline to 0.6%, Cox noted. 

Without these adjustments, May prices declined 1.2% from April while the year-over-year unadjusted average price reduction was 11.4%.

Manheim Market Report (MMR) values last month experienced weekly declines above long-term averages, with the latter half of the month showing more significant decreases.

According to Cox, the three-year-old index saw a cumulative 2% drop over four weeks, including a 0.7% fall in the final week, coinciding with the Memorial Day holiday.

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This depreciation outpaced the 1.5% average decrease recorded between 2014 and 2019 for the same period.

Daily MMR Retention averaged 98.8% in May, indicating that market prices remained below MMR values.

The average daily sales conversion rate also declined to 56.4%, reflecting a drop in demand typical of the season, which includes the Memorial Day holiday week.

Year-over-year, all major market segments saw seasonally adjusted price drops, with pickups and luxury cars slightly outperforming the overall industry. SUVs, midsize cars, and compact cars were down by 13.2%, 16.3%, and 17.4% year-over-year.

Electric vehicles (EVs) experienced a notable 16% seasonally adjusted value decrease year-over-year, surpassing the 11.6% decline of non-EVs.

Month-over-month, EV values fell by 2.4%, while non-EVs saw a 1% decrease.

Cox Automotive Economic and Industry Insights senior director Jeremy Robb said: “While declines in used-vehicle values overall were a bit muted in the first half of May, they picked up in the latter half of the month.

“It’s seasonally normal to get some weakening in the market over the Memorial Day weekend; but this month, we experienced a little more softening in the final week. As we move into summer, used retail days’ supply remains lower than last year, which could bring in more buyers at Manheim in the coming weeks.”