Closing Bell

New Data Shows Drop in Used Car Prices

Wholesale used vehicle prices declining last month for the first time that we've seen this year. Cox automotive reporting a 3% drop from March to April in the company's Manheim used vehicle value index which tracks vehicles sold at the US wholesale auctions. Well used vehicle prices have been high throughout the pandemic due to supply chain issues with production of new vehicles. The low supply and high prices let consumers to flock to use vehicles hiking those prices as well.