Cox Data on the First Half of June

Data is like the weather in [insert your home town here]: if you don’t like it, wait five minutes. Here is some Cox data from the first half of the month.

• Price Decline: Wholesale used-vehicle prices fell by 0.3% from May in the first 15 days of June. The Manheim Used Vehicle Value Index dropped to 196.8, down 8.5% year-over-year. Non-adjusted prices fell 1.6% from May and 9.5% year-over-year.
• Segment Performance: All major segments saw year-over-year price declines, with pickups performing best with a 7.5% drop and compact the worst with an 11.2% drop. SUVs, compact cars, and midsize cars showed slight monthly increases.
• Electric Vehicles: EV prices fell 17.0% year-over-year and 7.1% from May, while non-EV prices decreased by 8.9% year-over-year but rose 0.4% from May.
• Supply Levels: Wholesale supply remained flat at 26 days from May to mid-June, aligning with long-term levels.

Consumer Sentiment Down in June

• Consumer Sentiment: The University of Michigan's June reading showed a 5.1% decline to 65.6, the lowest since June 2023, with vehicle buying conditions at their lowest since November 2022.