Used-car prices in the U.S. fell 4.2% in June from May, the largest drop since the pandemic began, and were down 10.3% from the previous year, as a key measure of inflation eases.
The price drop in June was the biggest ever for the month and among the largest in the history of the used-car price index compiled by Manheim, a vehicle auction service. It was the sharpest decline since April 2020, when Manheim’s Used-Vehicle Value Index plunged 11.4%.
“Buyers at auction look to have taken an early summer break,” Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, Manheim’s owner. “While used retail inventory has been improving over the last several weeks, we are expecting less volatility in wholesale price movements through year-end.”