Barring any surprises, used-vehicle market analysts don't expect to see steeper wholesale price declines in the second half of 2023.
Price softening will continue to a degree in July following a second-quarter slump in wholesale used-vehicle prices that "erased" strong first-quarter gains in values, Cox Automotive Chief Economist Jonathan Smoke said during a quarterly call July 10.
But Smoke said he sees factors converging midyear that could fortify prices and the overall market. One factor is a supply crunch of younger, lower-mileage used vehicles that likely will keep a floor under prices, he said.
"I do think the worst of the used-vehicle market is upon us," Smoke told Automotive News last month. "I am optimistic that every month later this year will actually create strength in the used-vehicle market."
Wholesale used-vehicle prices fell 4.2 percent in June from May, according to Cox Automotive's Manheim Used Vehicle Value I…