Monday, February 8, 2010

Used car price update


Here's an update to a chart I've shown several times in the past. I note the huge rebound in the prices of used cars following the recession-induced collapse of late 2008. As Manheim notes, "on a mix, mileage and seasonally-adjusted basis ... the Manheim Used Vehicle Value Index was 117.6 for January, which represented a 15.6% increase from a year ago." This strongly suggests that consumers are getting back on their feet, and that inventories of unsold cars have returned to some measure of balance. More good news.

3 comments:

alstry said...

Scott,

It appears that we may have simply run out of savings...

U.S. prime jumbo loan performance continued to weaken in January as serious delinquencies rose for the 32nd consecutive month, according to Fitch Ratings in the latest edition of Performance Metrics.

"The new year has brought no relief from declining jumbo loan performance," said Managing Director Vincent Barberio. "The trend line for delinquencies indicates the 10% level could be reached as early as next month."


32 consecutive months of rising delinquencies? You think some of those once rich Jumbo borrowers are now driving up demand of used cars?

If Obama keeps spending....do you think we may all run out of savings pretty soon.....is there joint and several liability between a nation's debt and its citizens?

Jake said...

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