Brazil Car Rental COX Vehicle Prices – May Data: Seminovos Continue to Lag Behind New Vehicle Prices, Though Sequential Improvement Narrows the Gap

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Brazil Car Rental COX Vehicle Prices – May Data: Seminovos Continue to Lag Behind New Vehicle Prices, Though Sequential Improvement Narrows the Gap

J P M O R G A N Latin America Equity Research

08 June 2026

Brazil Car Rental

COX Vehicle Prices – May Data: Seminovos Continue

to Lag Behind New Vehicle Prices, Though Sequential

Improvement Narrows the Gap

COX Automotive, a leading automotive consulting firm, published its May vehicle Latin American Transportation

ACpricing tracker, which captures realized transaction prices. In the latest report, Guilherme Mendes

prices for Seminovos (vehicles up to 3 years old) fell 0.44% m/m. New-vehicle (55-11) 4950-4105

prices decreased 0.19% m/m, while prices for older used vehicles (4-20 years) guilherme.g.mendes@jpmorgan.com

declined 0.41% m/m. We believe the May data reinforces the trend of new vehicle Julia Orsi

prices outperforming Seminovos prices observed in recent months. However, the (55-11) 4950 3351

latest figures point to a narrowing gap between new and Seminovos prices julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

compared to April, which represents a modestly positive development. Two of the

nine best-selling models in Brazil saw their seminovos versions outperform the

new models in May, indicating that prices for new vehicles dropped more

significantly than those for seminovos. For now, we continue to assume sequential

increases in per-vehicle depreciation for the listed car rental companies, already

taking into account a more aggressive competitive landscape driven by the entry

of Chinese OEMs in Brazil – more details here. We maintain our OW rating on

RENT3, which is trading at 9.6x P/E 12M Fwd.

• May 2026 Vehicle Prices. (i) New vehicles: Consolidated prices were -0.19%

m/m, below April data at +0.06% m/m.