Wholesale prices of used cars declined for the sixth straight month in November, after hitting record levels earlier this year, but retail prices remain stubbornly high as American shoppers face rising interest rates.
The Manheim Used Vehicle Value Index, a leading indicator of wholesale used-car prices in the United States, dipped 0.3 from October to November, down 15.6 percent from the historical high it reached in January, according to a new report.
The year-over-year price declines were most pronounced for SUVs, crossover utility vehicles, and luxury cars, but all used vehicle categories saw prices drop compared to November 2021. Overall prices, however, are still nearly 44 percent higher than in November 2019….