Wholesale used vehicle prices reached their lowest level of the year in May, as sales fell amid high interest rates and inflated retail prices.
to 224.5. It marks the second consecutive monthly decline and the index's lowest level since 219.3 in December. "Taking a longer view, May's year-over-year decline accelerated from April and March; however, the rate of decline might slow over the next several months as we encounter the lower prices seen at auction from May through November last year," said Chris Frey, Cox senior manager of economic and industry insights, in a release.
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