Shopper checks the back door of an SUV at a used car yardWhen wholesale used car prices drop, retail used car prices drop after only a week or two. Wholesale car prices fell for several months, and used car prices followed suit. But the decline appears to be slowing.

The Manheim Used Vehicle Value Index tracks the prices that car dealers pay for used cars at auction. It fell 2.1% in October and now sits 10.6% lower than it was a year ago. The index is a product of the parent company of Kelley Blue Book Cox Automotive.

All eight major market segments saw seasonally adjusted prices that were lower year on year in October. Luxury cars saw the biggest drop, with their prices down 13.6% from a year ago. Compact cars had the lowest decline, at 6.1%, followed by vans and vans with 6.4% and 8.4%, respectively.

Used car sales are generally slowing down. Using a range of dealers selected to represent the state, Cox Automotive estimates that used retail sales were down 9% in October compared to September and down 13% year over year.

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