February Used-Vehicle Market Trends: Prices Decline, Sales Rise, and Consumer Confidence Drops
Wholesale used-vehicle prices declined in February compared to January on a seasonally adjusted basis, with the Manheim Used Vehicle Value Index (MUVVI) decreasing to 204.1, reflecting a 0.1% year-over-year increase. Non-adjusted prices rose 1.4% from January and 0.8% year over year, with volatility driven by winter conditions and a slower start to the tax refund season. Manheim Market Report (MMR) values showed late-month appreciation, while retail used-vehicle sales rose 8% from January. New-vehicle sales declined 0.7% year over year but increased 10.6% from January, with fleet sales down 12.3%. Rental risk unit prices and mileage were higher year over year, and consumer confidence declined, with inflation expectations rising. Gas prices remained steady at $3.10 per gallon, down 7% from the previous year.
U.S. Gas Prices Drop for Third Consecutive Week, Reaching March Low
The national average gas price has declined for the third consecutive week, reaching $3.06 per gallon, the lowest March price since 2021, and down 30 cents year-over-year, according to the EIA. The drop is attributed to economic caution, uncertainty over tariffs, and OPEC+ gradually restoring oil production. Most regions saw price declines, with the Gulf Coast experiencing a slight increase. The West Coast remains the most expensive at $4.09, while Mississippi has the lowest state average at $2.62. Currently, 28 states have gas prices below $2.99, reflecting a continued downward trend in fuel costs.
February 2025 Fleet Sales Decline Year-Over-Year but Rise from January
Fleet vehicle sales declined 12.3% year-over-year in February 2025, totaling 195,892 units compared to 223,263 in February 2024, though they saw a 19% increase from January’s 157,772 sales. Among fleet sectors, commercial fleet sales dropped 9.2% to 61,368 vehicles, rental fleets declined 13.3% to 116,141, and government fleet sales fell 15.4% to 18,383, with government figures reflecting only Detroit-based manufacturers. Year-to-date fleet sales reached 353,664 units, down 7.5% from the 382,422 sold in the same period last year. The data, compiled by Bobit Business Media, includes vehicles from major U.S. and Asian automakers.