Strong demand for used vehicles in January as reported by Cox Automotive.
The Manheim Used Vehicle Value Index increased 2.5% compared to December.
Record high prices in the used vehicle market leading to a 15% decline in the past year.
Average listed price of a used vehicle in December was $27,143, a 4% decrease from the previous year.
The used vehicle market has stabilized and resembles pre-pandemic normal.
Wholesale prices on the Manheim Used Vehicle Value Index expected to decrease 4.3% from December 2022.
Elevated prices of used vehicles due to the impact of the COVID-19 pandemic on production and supply chain.
January used vehicle market showed larger-than-expected increase due to unseasonably high demand.