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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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Overall values for car segments that Black Book tracks were up marginally on average, however, a majority of the individual segments reported lower values.
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Values for nearly all car segments that Black Book track were up; subcompacts were up 0.14%, compacts were up 0.33%, mid-size were up 0.06%, full-size were up 0.02%, sporty were up 0.34%, and premium sporty were up 0.11%.
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Manheim noted that this increase in wholesale price is an abnormal for this time of year, as higher depreciation is normally expected toward the end of summer.
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Wholesale values in August experienced the biggest increase since 2011, as Black Book’s Used Vehicle Retention Index was up 1.4% month-over-month.
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Residual values for three-year-old vehicles are flattening as a result of a record level of volume in the second quarter of 2018.
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Compact and mid-size cars claimed the top two spots in terms of best-performing segments for the week as values for the two segments were up 0.17% and 0.24%, respectively.
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The used-vehicle market has performed exceptionally well so far in 2018, with J.D. Power Valuation Services’ Adjusted Used Vehicle Price Index reaching 119.3 through July. That’s 4.7 percentage points above year-ago levels and 4.8 points above January’s reading.
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The California new-vehicle market declined for the fifth consecutive quarter during the period ending in June, providing further proof that the market has plateaued after several years of big increases.
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Used-vehicle values have held strong this year. A strong economy and more efficient remarketing strategies are helping make 2018 a banner year for used-vehicle values.
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The best-performing segment among cars was the full-size car segment. Among trucks, the best-performing segment was the small pickup segment, which was up 0.40% week-over-week.
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