Photo of 2013 Chevrolet Express van courtesy of GM.
Looking back at the 2014 calendar-year, the overall fleet vehicle market had a depreciation rate of 12.1 percent over 2013, according to data from Black Book USA. This is lower than the 15-16 percent level seen pre-recession.
Looking at compact cars in 2014 vs. 2013, overall average monthly miles decreased (from 2,073 in 2013 to 2,021 in 2014), as did average months-in-service, from 44 to 36 months.
According to data from Black Book, mid-size cars witnessed a 14.9 percent annual depreciation in 2014. Average monthly miles for intermediate cars in 2014 was 2,027, down from 2,089 in 2013. Average months in service hit 31.84, down slightly from the 34 months reported in 2013.
Minivans stayed stable from 2013 to 2014, barely decreasing average monthly miles from 2,322 in 2013 to 2,231.49 in 2014. Average months-in-service for minivans decreased from 41 months in 2013 to 36.84 months in 2014.
Depreciation for full-size vans dropped to 5 percent in 2014 vs. 11.4 percent in 2013, due mainly to increased demand from service industries and the transition to European-style vans, noted Black Book.
Average monthly miles for full-size vans decreased from 2,517 in 2013 to 2,240.80 in 2014, while average months-in-service stayed stable year-over-year.
Chart by AF Research Department
The full-size pickup fleet segment had a depreciation rate of 4.9 percent in 2014 vs. 2013, according to Black Book. Average monthly miles for light-duty trucks (Class 1-2) came in at 2,177 miles for 2014, vs. 2,152 in 2013, a slight increase. Average months-in-service was 51.66 months vs. 49 in 2013.
For the SUV segment, average monthly miles decreased from 2,318 in 2013 to 2,182.65 in 2014, while average months-in-service stayed stable from 33 months in 2013 to 32.21 months in 2014.