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The costs automotive sellers pay for the used automobiles they later promote went down in March. That’s excellent news for used automotive customers, as that decline will in all probability end in decrease costs.
The Manheim Used Automobile Worth Index, which tracks vendor costs at public sale, declined 3.3% final month. It stays 23.2% greater than it was one 12 months in the past. The common used automotive offered for $27,608 in February.
The index is a product of Kelley Blue Guide mother or father firm Cox Automotive.
Costs declined for each sort of car. That has develop into uncommon within the present market, pushed by the worldwide microchip scarcity. Some segments of the market, like minivans, have sometimes held excessive costs even when most decline. Final month, even minivan costs dropped.
The tempo of used automotive gross sales usually picks up considerably in March. It accelerated final month however lower than most analysts anticipated. That’s in all probability the fault of the IRS – the company is a number of weeks behind its regular tempo in issuing tax refunds.
Based mostly on IRS statistics by way of March 22, Cox Automotive estimates that 45% of this 12 months’s possible variety of tax refunds had been issued, when for a similar week in 2019, 71% had been disbursed.
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