GAINESVILLE, GA – Used-vehicle prices continued to climb the first full week of April on even more vehicles, according to Ricky Beggs, VP and managing editor at Black Book.
“We are now on a seven week roll where over 60 percent of the vehicles that were adjusted have been raises in values,” said Beggs. “This week’s changes, over 1,500 adjustments per day and over 7,600 for the week, brought the third week during this reporting period with at least 80 percent of the adjustments being increases. Our questions of how long these positive trends can continue, still hasn’t been answered.”
The total for all 10 car segments increased for the fourth straight week, rising an average of $5. The car segment with the greatest improvement was the Entry Mid-size Cars, going up by $39, followed closely by the Full-size Cars at plus $33.
The 14 truck segments were up for the eighth straight week, this time by $48, and only the Mid-size Crossovers and the luxury SUVs finished lower this week, according to Beggs. The overall average adjustment for the week was just over $71, compared to $48 for the previous week.
“The current year 2010 models continue to appear in the used marketplace. Over a dozen additional 2010 models had market driven used values included in our electronic value guides this past week. In two weeks the 2010 model line ups, with values, will be included in the printed guides as well.”
With significant growth year over year in new car sales being reported for the last couple of months, one might think the interest in the used car market would be lessening. “The opposite is true,” said Beggs. “The continued strength for used market values, where 15 of the 24 segments are greater today than last month, emphasizes the focus and importance within the retail market for used vehicles. As long as the consumer interest for used vehicles continues, coupled with a less than adequate supply of used vehicles in the wholesale channels to meet this interest, the value level of good used vehicles will continue to hold steady or climb even more.”