Thursday, 07 October 2021 17:19

Wholesale Used-Vehicle Prices Hit Record High Amid New-Vehicle Inventory Shortages


...14.0 million last September and September 2019's 13.8 million rate.


Vehicle retail average listing prices are also at record-high levels both on the new and used markets and continue to rise. The average listing price for a new vehicle was above $42,000 in September. After passing the $25,000 milestone at the end of June, the average listing price for a retail used vehicle was approaching $26,000 in the last report.


Rental Risk Mileage Decreasing


The average price for rental risk units sold at auction in September was up 37% year over year. Rental risk prices were up 12% compared to August.


Average mileage for rental risk units in September (at 56,600 miles) was up 33% compared to a year ago but down 19% month over month.


September Brings Clear Declines in Consumer Sentiment 


Consumer confidence according to the Conference Board declined 5.1% in September and left confidence down 17.6% compared to February 2020. Confidence has declined for three straight months.


Plans to purchase a vehicle in the next six months declined to the lowest level in eight months and was much lower than a year ago. Plans to purchase a home also declined to the lowest level in three months and was also down year over year.


The sentiment index from the University of Michigan reported a 2.5% gain in September. However, the index of consumer sentiment from Morning Consult, which includes data for the full month, showed declines all summer including into September. The Morning Consult index declined 5.5% in July, another 3.1% in August, and ended September down another 0.8%.


That left sentiment where we were in early February and down 20.2% from Feb. 29, 2020, and the onset of the COVID-19 pandemic.


Source: Cox Automotive


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