The continued strength of the used vehicle market pushed Black Book’s Used Vehicle Retention Index for November up, marking the seventh straight month that the index has seen growth.
November’s Index registered at 116.5, a 0.2% gain from the previous month.
The vehicle segments with the highest month-over-month gain in the Retention Index were mid-size luxury crossovers/SUVs, subcompact cars, mid-size cars, premium sporty cars, and luxury cars.
Mid-size luxury crossovers/SUVs realized the highest gains through the month with a 0.8% month-over-month increase in average used value.
“Cars and sedans continue to outperform many truck segments in the Index, as many used car models offer great value for shoppers looking for affordable alternatives to new cars that are offered at high sticker prices with increasing interest rates,” said Anil Goyal, executive vice president, operations for Black Book.