While the truck segment had its best week — in terms of vehicle depreciation — last week, luxury cars saw values tumble, according to Black Book’s Jan. 31 Market Insights Report.
In the week of Jan. 20 to Jan. 27, prestige luxury cars model years 2008-2014 experienced a 1.57%, or $466, decline in average wholesale price compared to the week before it. This, according to Black Book data, amounted to the biggest single-week decline among all car segments this year. Luxury cars followed close behind and claimed the second-highest decline, with a 0.86% decline in value during the same period.
Volume-weighted, overall car segment values decreased by 0.46% last week, slightly higher than the depreciation rate of 0.42% seen in the previous four weeks, the firm stated.
The truck segment, on the other hand, realized the smallest decline in value seen this year for the segment as a whole. Volume-weighted, overall truck segment values decreased by 0.27% last week, noticeably lower than the depreciation rate of 0.42% that trucks have realized in the last four weeks, the firm added.
The truck segments to see the biggest decline in value last week were mid-size crossovers/SUVs and full-size crossovers/SUVs. Last week, those segments saw their values fall by 0.51% and 0.40%, respectively.
“Market sentiment in auction lanes is optimistic with good sales reported last week,” said Anil Goyal, senior vice president of Automotive Valuation and Analytics. “Demand [is] picking up as dealers stock up for the tax refund buyers.”