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Wholesale Used Vehicle Prices Have Likely Peaked

Jul 09, 2021

Wholesale used vehicle prices decreased 1.3% month-over-month in June, after four consecutive months of record high prices. Economists say supply and demand are becoming more in balance, although they anticipate supply constraints will continue for some time. The substantially inflated used vehicle values seen over the past several months are expected to drop as much as 9% by the end of 2021. Retail prices continued to rise at a slower pace and are expected to peak this month.

On a year-over-year basis, all market segments saw seasonally adjusted price increases in June. Pickup trucks outperformed the overall market, while most other segments underperformed the overall market. According to Cox Automotive estimates, total used-vehicle sales were down 11.1% year-over-year in June. The June used retail seasonally adjusted annual rate (SAAR) estimate is 21.3 million, down from 23.1 million last year and down, month-over-month from 21.9 million in May 2021.