The used-vehicle market remains exceptionally strong, however, wholesale prices cooled slightly in July 2022. As a result, the J.D. Power Valuation Services Used Vehicle Price Index declined 3.5 points to 216.4. Despite the decline, July’s price level was only 7.1 points lower than its all-time high in December 2021. Additionally, prices in July were 18.8% higher than July 2021 and 31.1% higher through the first seven months of the year vs. the same period in 2021.
Wholesale prices at the industry level fell 3% in July, which was one of the softer performances for the period in the past 20 years. Historically, wholesale prices fell by approximately 1.5% in July. On the retail side, used prices remain near historic highs recorded in April 2022. Compared with June 2022, used retail prices grew a slight 0.2% in July, reaching $31,955 per unit.