June 2, 2020 admin

Used Car Prices Rally in Late May

According to JD Power’s index of wholesale used car auction sales, prices had rebounding strongly in May and now down only 1.9% from pre-COVID expectations.

After plunging 16% in March and April with the bottom of the curve reached in mid-April, prices have steadily risen.  This period ending May 24 would include a significant amount of the rental car fleets being sold through wholesale auctions.

While there are still concerns over new car sales, used car prices, at least at the wholesale auctions appear to be back on track as of late May.

 

Source JD Power via Bloomberg