U.S. Used Car Prices Drop Month-over-Month for First Time in Six Months as EV Demand Rebounds

U.S. used-vehicle prices declined month-over-month in April for the first time since October 2023, impacted by rising fuel prices. The Manheim Used Vehicle Value Index fell 1.6% from the previous month but was still up 1.8% year-over-year. Meanwhile, auction demand for battery-electric vehicles in the used-car market showed signs of recovery. Data indicates that affordability remains the primary factor influencing consumers' vehicle purchases.