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Wholesale Used Vehicle Prices Slightly Up In April
The Iranian conflict and rising gas prices inject much uncertainty into the future wholesale used vehicle markets, as higher gas prices soak up spendable income from vehicle buyers.
Read More →The Iranian conflict and rising gas prices inject much uncertainty into the future wholesale used vehicle markets, as higher gas prices soak up spendable income from vehicle buyers.
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Prices and volume are not expected to plummet in 2019, but industry experts seem to feel that the best-case scenario will be a plateau, and more realistically, will fall slightly.
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Used vehicle values continued to decline at the start of the new year, pushing sales rates at auction up, but moving prices down.
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Vehicle manufacturers will sell 17 million new vehicles in 2019, which would represent only a 1.3% decline from a year that recorded a third consecutive year of more than 17 million new vehicles sold, according to Oliver Strauss, chief economist for TrueCar’s ALG.
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Wholesale values declined 0.3% for model years 2016-2017 and 0.2% for model years 2008-2015 in December.
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U.S. new-car dealers sold 17.33 million cars and light trucks in 2018, exceeding expectations due to a 2.2% year-over-year improvement in December.
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Black Book’s Used Vehicle Retention Index finished 2018 1.9% higher than in the same time in 2017.
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The passenger car segment was a main contributor to the the rise in used-vehicle prices in 2018.
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The average transaction price for a new vehicle in the U.S. was $37,577 in December 2018, a 1.3% increase from the same time in 2017.
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All vehicle segments, except for large utility vehicles experienced a decline in auction volume through the month, the report added.
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Overall, wholesale car segments values decreased 0.86% last week, compared to 0.72% the week before.
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