Wholesale values were way down last week, as various truck and car segment vehicles saw steep depreciation, according to Black Book’s Nov. 12 Market Insights report.
Overall car segment values were down 1.32% last week, compared to 0.51% the week prior. Nearly all vehicles within the segment saw higher than 1% depreciation through the week. The only two segments that saw a depreciation rate below 1% were sporty and premium sporty cars.
Near luxury, full-size, and luxury cars saw some of the highest depreciation at 1.71%, 1.59%, and 1.30% last week.
The truck side saw similarly high depreciation rates, as most vehicles saw higher than 1% depreciation rates. Midsize crossovers/SUVs and small pickups experienced the steepest depreciation at 1.52% and 1.56%.
Overall truck segment values were down 0.99% last week, compared to 0.66% the week prior.
“Used vehicle values dropped steeply last week with broad declines across all segments,” said Anil Goyal, EVP, operations for Black Book. “The buying sentiment was very negative in auto auctions across the nation.”