Wholesale values continue to drop for both cars and trucks as the COVID-19 pandemic continues to impact the industry.
Graphic: Black Book
Wholesale values continue to drop for both cars and trucks as the COVID-19 pandemic continues to impact the industry.
Overall car segment values decreased 1.40% last week, which is lower than the 0.65 segment value decreases from earlier in April, according to Black Book. Meanwhile, overall truck segment values decreased by 1.00%, lower than the 0.73% seen earlier in the month.
Graphic: Black Book
“Sales rates have shown a small improvement as some auctions have re-started their digital sales, but to the detriment of retention. This past week we saw values really begin to fall as the increasing supply and limited demand pushed values down,” said Laura Wehunt, Vice President, Automotive Valuations
Volume-weighted, the overall car segment values decrease represented the fourth week of large depreciations creating a four-week average of a 1.02% decline. Meanwhile, volume-weighted, the overall truck segment (including pickups, SUVs, and vans) values decreased by 1.00% last week. This is the largest week over week decline for trucks and SUVs since December 2019.
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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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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