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Expand chart
Data: Manheim; Chart: Axios Visuals

The average price of a used car fell slightly in June, suggesting that the white-hot market for these vehicles may finally be cooling off.

Why it matters: Used car prices exploded as unprecedented supply chain issues during the pandemic limited the availability of new cars, an issue that spilled into the used car market.

By the numbers: The average price of a used car in the wholesale market in June fell 1.3% from May levels, as measured by the Manheim Used Vehicle Value Index. This was the first month-to-month decline since December.

  • However, this is still 34.3% above year-ago levels.
  • Pickup truck prices have led price gains, up 49.5% from a year ago. Vans and SUVs were up 33.4% and 32.5%, respectively.
  • The most popular used vehicle in June was the 2018 Nissan Rogue SV, which went for $21,100 in the wholesale market. Last year, it was worth $16,750.
  • The most popular used pickup was the 2018 Ford F-150 Crew Cab, going for $38,400. That was up from $35,000 a year ago.

The bottom line: "The latest Manheim number is an encouraging sign that the recent spike in consumer price inflation may soon reverse," Matthew Klein, author of The Overshoot, tells Axios.

  • "After all, about 1 percentage point of the total 3.8% increase in the level of the core consumer price index over the past 12 months came from the surge in prices of used cars and trucks."

Go deeper

Key inflation measure grew slower than expected in June

Data: Bureau of Economic Analysis; Chart: Axios Visuals

The price of goods and services rose 0.4% in June, slower than the 0.5% growth during May, according to the core personal consumption expenditures (PCE) price index released Friday morning. The June reading was lower than the consensus expectation for 0.6% growth.

Why it matters: The core PCE is the inflation measure the Federal Reserve watches most closely. June's reading is the second month in a row of decelerated price growth, giving the Fed breathing room to design a pullback strategy from its emergency market support.

Jul 30, 2021 - Health

Over half of car crash fatalities in 2020 involved unbelted occupants

Photo: Joe Raedle/Getty Images

Throughout the COVID-19 pandemic, Americans drove less but engaged in far riskier behavior on the road, government data shows.

Driving the news: More than half of all crash fatalities last year involved unbelted drivers or occupants, the highest level since 2012, The Wall Street Journal notes.

Manhattan, Westchester prosecutors request evidence from Cuomo investigation

Gov. Cuomo during a press conference in New York City on Aug. 2. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

The district attorneys for Manhattan and Westchester County on Wednesday requested evidence related to New York Attorney General Letitia James' investigation into sexual harassment allegations against Gov. Andrew Cuomo (D), according to a letter obtained by NBC News.

Why it matters: The district attorneys are investigating if alleged conduct highlighted in an independent report published by James' office that occurred in their jurisdictions was criminal in nature.