Used Vehicle Prices May Have Bottomed for 2023 After August Increase

The Manheim Used Vehicle Value Index, which tracks wholesale used vehicle prices in the U.S., saw a slight increase of 0.2% in August compared to July. This marks the first monthly price increase since March, suggesting that wholesale used vehicle prices may have bottomed for the year. While the index remains elevated compared to historical levels, it is down 7.7% compared to August 2022, and experts predict that wholesale used vehicle prices will not change significantly for the rest of the year due to tight inventories and strong demand.