Used-vehicle valuation and forecasting provider Black Book (div. Hearst) released its Used Vehicle Retention Index for February. The index fell 0.8% to 114.5, a third straight monthly decline that completes a full percentage point loss over the last 12 months.
Only the full-size van segment (up 0.56%) showed improved retention in February, analysts said. Luxury segments showed the largest declines, led by midsize luxury SUVs and CUVs (down 2.13%). Residual values for subcompact cars (down 2.29%) fared worst of all.
“The start of the spring selling season appears to be late this year, perhaps from slower and smaller tax refunds this year, as well as the harsher-than-normal winter weather patterns across much of the country, said Anil Goyal, executive vice president of operations for Black Book. “March should be a very telling month not only for spring, as it may likely set the tone for the remainder of the year."