Average wholesale used prices continued to see steep declines last week, as used values registered the largest drop since spring, according to Black Book’s Oct. 8 Market Insights report.
Subcompact, compact, and midsize cars experienced the biggest decrease in average value through the week, falling 1%, 0.82%, and 0.86%, respectively.
Photo courtesy of Black Book.
Average wholesale used prices continued to see steep declines last week, as used values registered the largest drop since spring, according to Black Book’s Oct. 8 Market Insights report.
Overall car segment values decreased 0.65% last week, compared to 0.39% the week before. Overall truck segment values decreased 0.48% last week, compared to 0.37% the week before.
Subcompact, compact, and midsize cars experienced the biggest decrease in average value through the week, falling 1%, 0.82%, and 0.86%, respectively. All other car segments that Black Book tracks saw similar levels of depreciation, ranging from 0.34% to 0.53%.
On the truck segment side, subcompact crossovers, minivans, and small pickups experienced the steepest depreciation, as values for these segments fell 0.97%, 1.03%, and 0.94%, respectively.
Full-size crossovers/SUVs and subcompact luxury crossovers/SUVs, on the other hand, experienced the lowest depreciation of the week at 0.11% and 0.07%, respectively.
While EV sales declined, used EV sales grew, as tighter inventory and rising prices reflected a more normalized pace for the EV market.
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The Iranian conflict and rising gas prices inject much uncertainty into the future wholesale used vehicle markets, as higher gas prices soak up spendable income from vehicle buyers.
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Franchised and independent dealers had a total of 1.95 million used vehicles in stock in March, the lowest on record in the current data set.
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Work trucks lose value at remarketing, not because they aren't worth more, but because the data to prove it rarely makes it to the auction.
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New EV sales declined year over year in February while used EV demand rose, as prices fell and inventory tightened across both segments.
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