Used-Car Prices Slide in the U.S.

The average price of a used vehicle in America dropped in March, marking the third straight month-over-month decline, according to Manheim Consulting.

The Manheim Used Vehicle Index fell to 120.4 last month from 122.0 in February and 126.2 in March 2012.

The firm says used-vehicle pricing is under pressure from the new-vehicle market, where new models are being offered with attractive lease terms. That can make the monthly payment on a new vehicle cheaper than that for a used model.

Manheim says the wholesale supply of used vehicles in the first quarter of 2013 was little changed from a year earlier. But sales of such vehicles rose 12% year over year.