Used Car Prices Crash
Used car prices in the U.S. during the first 15 days of April fell 11.8% from March according to Manheim. If this holds for the remainder of the month, this would be a record monthly decline. The previous record was -5.5% in November 2008. Also, prices of rental risk units sold at auction dropped 18.5% during the same period. The decline in used car prices not only impacts rental companies but also auto leasing firms' residual values.