The time to buy Detroit auto stocks may be coming, but as StephenWilmot explains, it's probably not right now WSJWhatsNow
Related Video: Carvana’s share price skyrocketed in 2021, but less than a year later it dropped by 95%. WSJ’s Ben Foldy explains the factors that helped drive the online car dealer’s growth and why investors are now questioning its future. Illustration: Preston JesseeFor the fortunate few that can pay in cash, conditions are gradually getting better for buying a car. By the same token they are getting worse for companies on the other side of the trade.
The closely watched Manheim Used Vehicle Value Index, which tracks wholesale auction values in the U.S., finished 2022 down 14.9%, its worst ever annual result and far worse than the 3% decline forecast at the start of the year by Cox Automotive, the data provider that crunches the numbers. Adjusted for mix, mileage and seasonality, the index did tick up in December, breaking a 12-month downward trend, but Cox said Monday that it doesn’t expect that to mark the bottom.
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