Overall used vehicle values, and truck values in particular, were down month-over-month in October, according to Black Book’s latest Used Vehicle Retention Index.
The October Index was 115.6, which represented a 0.3% decline over the 115.9 Index in September.
“In the last couple of years, the used vehicle values held up unusually high till late in the year. However, the market trend this year is consistent with typical seasonality patterns,” said Anil Goyal, EVP, operations for Black Book. “Interestingly, the truck segments are now seeing larger declines as opposed to sedans. As supplies of used crossovers and pickup trucks continue to increase, the demand will need to be stronger for values in these segments to stay stable.”
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published wholesale average value on two- to six-year-old used vehicles, as a percent of original typically equipped MSRP.
The Index is weighted on registration volume and adjusted for seasonality, vehicle age, mileage, and condition, the company stated.