Full-size cars and SUVs depreciated the most in the past week, as vehicle usage and demand has fallen in recent weeks even in the face of lower gasoline prices, according to Black Book's Nov. 13 Market Insights report.
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Wholesale compact van values experienced the biggest decline at auction last week, depreciating 1.03% week-over-week.
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Seasonal depreciation patterns are expected to take hold through the rest of the year, with vehicle values declining on a wider scale.
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This heavy depreciation was in large part driven by rising no-sales at several auto auctions.
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The pricing for medium-duty trucks at auction was down for the second month in a row in September, according to J.D. Power’s October Commercial Truck Guidelines Industry Update.
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Overall, car segment values were down 0.44% last week, compared to a 0.54% decline the week prior. Truck segment values were down 0.39% last week, compared to 0.37% the week prior.
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Prior to 2018, sedans at auction had experienced three years of consecutive value declines. For sedan-heavy fleets, this may have meant an impact to total cost of ownership for those vehicles, as profits from remarketing them would have suffered. Now companies with sedan-heavy fleets may be finding that a window of opportunity to remarket those vehicles for better profit has emerged.
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Vehicles from fleet consignors followed the broader used-vehicle market downward in September, as wholesale prices struggled to keep up with last year's hurricane-driven demand and a now robust upstream market, said Tom Kontos, KAR Auction Services' chief economist.
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Wholesale values saw a heavy decline last week, with sporty cars, minivans, and small pickups leading weekly depreciation.
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Six pickup trucks made the top-10 list of vehicles that retain the highest percentage of their value after a five-year ownership period, along with two Jeeps, a Subaru, and the Toyota 4Runner. At the other end of the spectrum, the Nissan Leaf saw the highest depreciation over the same period.
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