DETROIT – Wholesale used vehicle prices posted their largest decline last month since the beginning of the coronavirus pandemic, as prices are set to stabilize during the second half of this year. Cox Automotive reported Monday a 4.2% decline from May to June in its Manheim Used Vehicle Value Index to 215.1. The decline could help bring used vehicle pricing down for consumers in the months to come, as retail prices traditionally follow changes in wholesale prices. Cox Automotive expects wholesale used vehicle prices to be down roughly 1.1% at the end of this year compared to December 2022. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.

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Persons: Roger Beasley, Cox, Chris Frey, Jonathan Smoke Organizations: DETROIT –, Cox Automotive Locations: Austin , Texas, DETROIT