Average wholesale used vehicle prices fell from their August peak for the fourth month in a row in December, yet finished out the year almost 10% higher than year-ago levels. Full-year CPO sales were down in 2020, but only modestly considering the pandemic and the fact that 2019 was a record year.
According to KAR Global Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, wholesale prices in December averaged $12,161 — down 2.2% compared to November, up 4.9% compared to pre-COVID/February and up 9.9% relative to December 2019, as seen in the table below.
Prices fell on a month-over-month basis for all model classes, with car segments generally falling more than truck segments.
When holding constant for sale type, model-year-age, mileage, and model class segment — using criteria that characterize off-lease units — prices were up on a year-over-year basis for both midsize cars and midsize SUV/CUVs in December, as seen in the following table:
The following graph shows trends in average prices throughout the pandemic, using the same criteria:
Though auction prices have tapered since reaching their peak in August, prices remained up on a year-over-year basis at year-end for all model class groupings, especially pickup trucks.
CPO sales were up 23.6% from the prior month but down 2.1% year-over-year in December, according to figures from Autodata. On a full-year basis, CPO sales were down 7.1%. Additional retail sales trends are available via KAR Global’s Interactive Dashboards.
Source: Analysis is based on over seven million annual sales transactions from over 250 of the largest U.S. wholesale auto auctions, including those of ADESA as well as other auction companies. KAR Global Analytical Services segregates these transactions to study trends by vehicle model class, sale type, model year, etc.
Disclaimer: The views and analysis provided herein relate to the vehicle remarketing industry as a whole and may not relate directly to KAR Global. The views and analysis are not the views of KAR Global, its management or its subsidiaries; and their accuracy is not warranted.
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