It is time to shut the books on hurricanes Harvey and Irma. Storm alternative auto purchases nearly disappeared in November after driving substantial positive aspects in U.S. new- and used-vehicle quantity in September and October.
And as used-vehicle demand declined in November so did costs, says Jonathan Smoke, chief economist for Cox Automotive. Wholesale used-auto costs fell 1.29 p.c in November, the primary month-to-month decline in eight months, with the Manheim Used Car Index falling to 134.5.
Storm-driven alternative demand was nearly absent in November new-vehicle gross sales and contributed solely a tiny achieve for used, Smoke mentioned.
Ford Motor Co. U.S. gross sales boss Mark LaNeve mentioned the automaker discovered no storm alternative positive aspects in its November inside knowledge.
Again to pattern
Further post-storm demand in September and October, particularly for inexpensive fashions, inflated used-vehicle costs once they usually would decline seasonally, Smoke mentioned. However that is over.
“Now we’re correcting on the used aspect again to previous price-decline developments,” he mentioned. “That can proceed at the very least the following three months.”
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