Wholesale used-vehicle prices fell for the second month in a row in November, when sales also declined, Cox Automotive said.
When not adjusted for the season, the month-over-month price decline was about 3% and 7.5% year-over-year. Cox said wholesale price declines from week to week were above average, though they closed in on normal levels by the end of the month.
Meanwhile, demand was stable during the month, Cox said, with an average daily sales conversion rate of 52.3%, above the nearly 51% average rate in November 2019, a few months before the pandemic.
Seasonally adjusted prices were down year-over-year across major segments, pickups and sports utility vehicles faring the best with 4.6% and 5.4% declines, respectively, compared to the 11.3% drop for compact cars, Cox said.
Wholesale supply ended at an estimated 29 days, up two days month-over-month and down one year-over-year.
Retail Picture
Retail used sales fell an estimated 7% month-over-month and 2% year-over-year, and Cox put the average listing price decline at 0.5% for the month.
Days’ supply of used retail ended the month at 50 days, down by three days month-over-month and five days year-over-year.
Headed into 2024, Cox analysts expect a smoother ride in the used market. “… current views suggest less of a roller coaster in the new year,” said Senior Manager of Economic and Industry Insights Chris Frey.
