Used car prices fell again in April, but at a slower pace than in March.
A shortage of new cars and headline inflation have pushed prices to record highs in recent months, but automakers are starting to see improvements in parts, supplies and production.
According to the latest Manheim Used Vehicle Value report, wholesale prices paid by dealers fell an average of 1% from March to April, adjusted for several factors, compared to 3.3% from February to March. This is the fourth consecutive month of decline.
Used car retail sales were weaker than expected in the month, down 13% month-on-month, which Manheim said coincides with a delay in paying some returns of income.
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Wholesale prices tracked by Manheim typically lead retail prices by several weeks.
In March, iseecars.com reported an average used car transaction price of $34,429 based on 1.8 million sales, up 30.4% from a year earlier.