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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 46 mins ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.