The wholesale costs automobile sellers pay for the used automobiles they later promote stayed primarily flat in January in comparison with December.
The Manheim Used Car Worth Index tracks the costs sellers pay as a result of traits in wholesale pricing are likely to turn out to be traits in retail pricing after a six-to-eight-week lag. The index is down 9.2% from a yr in the past however unchanged from a month in the past.
Kelley Blue Guide’s mum or dad firm, Cox Automotive, owns public sale firm Manheim Inc., which publishes the index.
“With the volatility we noticed final yr, it was a welcome signal for the trade to have a calmer month,” mentioned Jeremy Robb, senior director of Financial and Trade Insights for Cox Automotive.
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The common used automobile value rose barely in December however remained 3% decrease than a yr earlier than.
Kelley Blue Guide analysts count on 2024 to be a secure, predictable yr for automobile consumers, barring any surprising disruptions to international commerce. “As we transfer into tax refund season, we count on to see a bit extra exercise within the wholesale market, and we keep that 2024 ought to present extra regular market traits by means of the yr,” Robb says.
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The Convention Board Client Confidence Index elevated by 6.3% in January, powered by views of the current state of affairs leaping 9.6% and to the very best degree since March 2020. Client confidence was up 8.3% yr over yr. Plans to buy a automobile within the subsequent six months declined to the bottom degree since April and had been down yr over yr.
This story initially ran on KBB.com.