ATLANTA -

There was a 15.4% year-over-year spike in the Manheim Used Vehicle Value Index in October, continuing a string of wholesale price growth from 2019.

Prices were up 0.47% from September on a mix-, mileage- and seasonally adjusted basis, bringing the index to 161.9.

“The non-seasonally adjusted monthly change was -1.9%, which was more in line with what we have been seeing in weekly price trends,” analysts said in the report accompanying the index.

“The difference between the price metrics is primarily a result of the seasonal adjustment, which expects a larger decline in October,” they added. “For example, across the full history of the Manheim Index, October has averaged a 2.1% monthly decline in the NSA price. Indeed, last year the decline was 2.7%.

While lower than the all-time record set in August (163.7), October’s reading did surpass June (149.3) and July (158.0) readings, which were records at the time.

With the total average price gain at 15.4%, pickup prices showed substantial growth, climbing 28.2%. Luxury car prices were up 18.6%, SUV/CUV values climbed 12.9% and midsize cars were up 5.7%.

There was a 5.5% uptick for compact cars and a 5.4% hike for vans.

“On a year-over-year basis, all major market segments saw seasonally adjusted price increases in October. Luxury cars and pickup trucks outperformed the overall market, while most other major segments underperformed the overall market,” the company indicated.