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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

Oct 15, 2021 - Podcasts

Inflation: A cause for concern?

Inflation: A cause for concern? The global energy crisis is becoming a bigger problem for the economy. The Consumer Price Index — the best way to measure inflation in the U.S. — jumped 5.4 percent compared to last year in September, according to new data released this week. How is the Federal Reserve and the Biden administration reacting to this latest news?

Axios Re:Cap talks with Axios’ chief financial correspondent Felix Salmon who’s been reporting on the latest news.

Updated 7 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 8 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.