by Wolf Richter
Wolf Street
Even during tax refund season! Exactly what Americans need. But it’s not helpful for big fleets, such as Hertz.
Seasonally adjusted, prices of used vehicles that were sold at auctions across the US fell 2.3% in April from March, to $18,151, the lowest since April 2021, and down by $5,423 (-23%) from the peak in January 2022, according to today’s Used Vehicle Value Index by Manheim, the largest auto auction house in the US. The index is adjusted for changes in mix and mileage.
From February 2020 through the crazy peak in January 2022, auction prices had spiked by a mindboggling 64%, or by $9,252. The historic plunge so far has surrendered 59%, or $5,423, of that $9,252 spike (red in the chart below).