GAINESVILLE, GA – Three weeks ago, Black Book first noticed a slight downward change in the values of the some vehicles in the used market, a trend that fortunately had not been seen for some time. This past week the full-size car and luxury-level car segments were the only car segments where the published values went up for this past week, according to Ricky Beggs, VP & managing editor at Black Book. The two segments with the greatest decrease in average value were premium sporty cars and prestige luxury cars. Overall this week the average car price fell $16.
Within the truck, van, SUV, and CUV market, full-size crossovers and mid-size crossovers were the only segments showing any strength in the auction values this past week, noted Beggs. With 12 of the 14 segments decreasing in value and the largest segment drop was full-size SUVs, down $124. The overall truck market fell $45 during the week. This is the third consecutive week of lower truck market values.
“Viewing the auction activity on the lanes and talking with dealers at the auctions, the consensus was that everyone is being more selective, especially on the vehicles in ‘average’ condition or below that might have a little higher mileage than normal, some previous damage, maybe some bad history, or might not be as well equipped,” said Beggs. “When comparing the Clean condition vehicles, 56 percent of the adjustments were downward, while the ‘average’ condition vehicles had 73 percent of their adjustments going down.”
Overall ‘clean’ condition values decreased just over $48 this past week while the less desirable ‘average’ condition models came in at $83 less.
“In these unusual and challenging times, staying ahead of the game through being keenly aware of various issues can be attained through taking part in various industry conferences and seminars and the networking that exists,” said Beggs. “I think the record attendance at most of these that I have attended this year reflects the value that is available.”