Used car prices are surging again:
Wholesale used vehicle prices rose +2.4% MoM and +2.4% YoY in January, to the highest since September 2023.
This is well above the long-term average monthly decline of -0.2%.
Non-EVs led the increase at +2.2% YoY, followed by luxury at +1.6% and EVs at +0.8%.
This comes as wholesale supply dropped -5.1 days MoM, to 26.6 days.
At the same time, sales conversion, or the percentage of vehicles sold at auction, surged +6.5 percentage points MoM to 60.7%, +3.2 percentage points above the 3-year average, indicating rising demand.
With tax refund season expected to set a record, demand for used vehicles could push prices even higher.
Used car inflation is heating up.

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