In the month preceding the start of the spring season, trucks continued to show the resilience they've shown in past months. A few key segments showed particular strength and luxury vehicles continued to struggle, according to Black Book data.
Overall vehicle values were down 13.6% in February, with truck values falling 13.5% and car values dropping 13.8%.
Full-size crossovers/SUVs; full-size pickups; small pickups; and full-size vans posted some of the strongest retention, as all of these vehicles beat the month's average in terms of depreciation. Respectively, values for the segments were down 13.3%; 8.7%; 10.7%; and 7.1%.
The vehicles within the truck segment that did not fare as well were luxury makes. In February compact luxury; midsize luxury; and subcompact luxury CUV/SUVs experienced the biggest decline in value at 18.1%; 19.2%; and 17.2% respectively.
For the most part, car segment values held strong in February. Most car segments sat below the month's 13.6% average depreciation, but most were close to it. These healthy values may signal a close arrival of the spring market, according to Black Book.
The strongest vehicle within the car segment, with the lowest depreciation within the segment, was the compact car, which saw a 10.5% decline in value over a 12-month basis in February.