Buyers’ Strike Takes Effect: Used-Car Auction Prices Plunge, but Still Sky-High, up Nearly 50% from Three Years Ago

Prices of used vehicles that were sold at auction in August fell by 4.0% from July, and are down by 12.5% from the peak in January, on a mix-, mileage-, and seasonally adjusted basis, according to the Used Vehicle Value Index by Manheim, the largest auction house in the US. But these wholesale prices, despite the declines...