{"id":42525,"date":"2023-07-31T08:15:31","date_gmt":"2023-07-31T12:15:31","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/wholesale-used-car-prices-dropped-again-what-that-means-for-bargain-shoppers\/"},"modified":"2023-07-31T08:15:33","modified_gmt":"2023-07-31T12:15:33","slug":"wholesale-used-car-prices-dropped-again-what-that-means-for-bargain-shoppers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42525","title":{"rendered":"Wholesale used car prices dropped again\u2014what that means for bargain shoppers"},"content":{"rendered":"
\n

Car dealers paid about 1% less for used cars at auction in the first half of July than they did in June.<\/p>\n

That\u2019s news, mainly because wholesale prices were already down more than 10% in June from where they stood a year ago.<\/p>\n

The numbers come from the Manheim Used Vehicle Value Index, a product of Kelley Blue Book parent company Cox Automotive. The index tells us dealers are now paying 11.1% less for used cars than a year ago.<\/p>\n

\n

When wholesale prices fall, retail prices fall \u2014 usually about six to eight weeks later. Price drops have taken a little longer than normal to appear on used car lots this year, but they are showing up at last.\u00a0The average used car price dropped by $109 in June.<\/p>\n

Also see: <\/strong>The deadliest\u2014and least deadly\u2014cars, trucks and SUVs<\/p>\n

Kelley Blue Book analysts expect further price drops, but perhaps not an 11% retail drop to mirror an 11% wholesale drop.<\/p>\n

America\u2019s automakers built about 8.1 million fewer cars than normal during the height of the COVID-19 pandemic. Those cars will never reach the used market,\u00a0keeping some upward pressure on used car prices for years to come.<\/p>\n

Price drops will also come to each market segment to different degrees. Year over year, dealers paid about 6.5% less for pickup trucks in early July. But they paid 15% less for compact sedans. Sports cars were the sole outlier, fetching 2.6% more at auction in early July.<\/p>\n

This story originally ran on\u00a0<\/em>KBB.com.<\/em>\u00a0<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Car dealers paid about 1% less for used cars at auction in the first half of July than they did in June. That\u2019s news, mainly because wholesale prices were already down more than 10% in June from where they stood a year ago. The numbers come from the Manheim Used Vehicle Value Index, a product […]<\/p>\n","protected":false},"author":1,"featured_media":42526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-42525","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWholesale used car prices dropped again\u2014what that means for bargain shoppers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Car dealers paid about 1% less for used cars at auction in the first half of July than they did in June. 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