Used vehicle prices reached $19,657, which represented a 2.2% year-over-year increase, the report noted.
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Wholesale depreciation inched upward last week, as mid-size cars and luxury vehicles continue to see their prices at auction fall, according to Black Book’s June 11 Market Insights report.
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Wholesale values held strong in May, registering a 112.9 in Black Book's Used Vehicle Retention Index. A stable used market, the company noted, kept values high during a month where wholesale values typically dip.
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Depreciation for both cars and trucks were at higher levels than what’s been observed in the last few weeks, in large part due to the weak performance of luxury vehicles.
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Subcompact cars, compact cars, mid-size cars, and full-size cars all saw their wholesale values increase through the period between Feb. 1 and May 1. Respectively, these segments’ wholesale value rose by 2.6%, 5.3%, 3.1%, and 1%.
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The sporty car segment had a second strong week in a row, performing the best among all tracked vehicles. Through the week, sporty cars saw their values rise 0.27% compared to the week before.
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Off-lease vehicles from fleet consignors in the rental, commercial, and government sectors increased 2.3% in April from March and increased 5.8% from a year ago, according to analysis from KAR Auction Services.
Read More →Used vehicle sales decreased 2% year-over-year in April, in large part due to two fewer selling days compared to the year before, noted Cox Automotive in its May 2018 Industry Update.
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Used-vehicle sales will rise and new-vehicle sales will fall in 2018, while total sales will reach 56.2 million, which would represent a second year of declines for the automotive industry, according to a Cox Automotive forecast.
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Average wholesale car segment values were down last week, breaking a two month streak of rising car values, according to Black Book’s May 14 Market Insights report.
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