Used vehicle prices that support higher collision repair volumes are down month-over-month and year-over-year.
According to the latest report from Cox Automotive, wholesale used-vehicle prices on a mix-, mileage-, and seasonally adjusted basis declined 2.0% from September in the first 15 days of October. The Manheim Used Vehicle Value Index fell to 200.5, which was down 10.3% from October 2021. The non-adjusted price change in the first half of October was a decline of 1.8% compared to September, moving the unadjusted average price down 9.0% year over year.
Lower used vehicle prices increase pressure on the number of total losses