Overall prices for used vehicles rose slightly last month, as climbing truck prices offset the declining value of compact cars.
The trend was reflected in the June Manheim Used Vehicle Value Index, which came in at 126.2, rising from 123.9 in June 2015 and 124.5 in May of this year. Introduced in 1995, the index uses a database of more than 5 million annual used vehicle transactions to determine pricing trends.
During a quarterly call with analysts and members of the media, Cox Automotive chief economist Tom Webb indicated that wholesale prices for used vehicles have approached record highs reached in May 2011.
“The two strongest segments are pickups and cargo vans,” he said, adding that the index “would certainly be down on a year-over-year basis as opposed to being up” as a result of declining passenger car prices.
A large number of vehicles with outstanding recalls are also said to be supporting prices as parts shortages and delayed turnaround times on repairs have prevented certain vehicles from quickly returning to the market.