Used Car Prices Rebound
There has been a significant rebound in used car prices from the lows in April. According to the Manheim Used Vehicle Value Index, prices increased 25.6% from 125.8 in April to 158.0 in July and are now at a record highs.
Retail supply of used autos peaked at 115 days of supply in April and ended July at 34 days; normal supply is 44 days. Wholesale supply also peaked in April at 149 days, dropping to a normal 23 days in July.