October 6, 2017 / 6:32 PM / 10 months ago

Hurricanes drive higher used car prices in September

Oct 6 (Reuters) - Auto auction firm Manheim said on Friday its used vehicle value index rose 6.3 percent in September, hitting a fresh record high, boosted by the active hurricane season.

The Atlanta-based firm’s used vehicle value index – a measure of wholesale prices adjusted for mix, mileage and season – was 134.9 in September, a record high for the fifth consecutive month.

“While growing retail demand is strong, most of the pricing strength can be directly attributed to the recovery following Hurricanes Harvey and Irma,” Jonathan Smoke, chief economist for Cox Automotive, parent company of Manheim, said.

Wholesale used vehicle prices increased 2.8 percent last month from August, according to Manheim.

Prices of pick-ups and vans jumped 9.1 percent and those of luxury cars rose 6.4 percent from last year, the firm said.

Prices of sports utility vehicles (SUVs) and crossover utility vehicles (CUVs) increased 6 percent while those of compact cars rose 4.4 percent and mid-size cars climbed 2.3 percent.

Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D'Couto

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