The wholesale market experienced above average depreciation last week, but there is the sentiment among remarketers that values may begin to stabilize soon, according to Black Book’s Dec. 17 Market Insights report.
Overall car segment values decreased 0.92% last week, compared to a 1.04% decline the week before. Overall truck segment values decreased 0.85% last week, compared to 1.18% the week before.
Luxury vehicles saw the steepest decline in value with luxury, near luxury, and prestige luxury car values falling 1.56%, 1.24%, and 1.07%, respectively.
Sporty and premium sporty cars saw the lowest depreciation of the week.
Full-size crossovers/SUVs and compact vans led depreciation among truck segment vehicles at 1.56% and 1.46%, respectively. Meanwhile, small pickups experienced the lowest depreciation of the week at 0.31%.
“It was a typical December sale as the consignment was low along with the dealer attendance. Some dealers commented that the market may have hit rock bottom and should begin to stabilize,” said one remarketer from Georgia.