Weekly depreciation reached the lowest point seen all year this past week, according to Black Book’s March 5 Market Insights report.
Average wholesale values for vehicles in the car segment depreciated 0.10% last week, compared to 0.18% the week before. Meanwhile, average wholesale values for vehicles in the truck segment depreciated 0.19%, compared to 0.21% the week before.
The strongest performing vehicles in the car segment were subcompact and mid-size cars. In the truck segment, compact crossovers/SUVs and compact vans had the strongest showing.
“It was a great week for lower-priced mainstream brand vehicles as tax season buying continues with active bidding in the auction lanes,” said Anil Goyal, executive vice president, operations for Black Book.
Both subcompact and mid-size cars saw higher average wholesale values last week than in the week prior. Subcompact values last week were 0.21% higher than where they were two weeks ago, while mid-size values were 0.11% higher.
In the truck segment, compact crossover/SUV and compact van values remained essentially flat from where they were two weeks ago.
Further signs that buyers are prioritizing lower-priced vehicles during this year's tax season were evident in the poor performance luxury vehicles displayed last week. In the car segment, near luxury, premium sporty, and prestige luxury cars saw the steepest depreciation. Among trucks, subcompact luxury crossovers realized the second-highest weekly depreciation, behind minivans.