Manheim’s used vehicle value index — which tracks how wholesale used vehicle prices change month-to-month — for December came in at 132, 1.91% month-over-month decrease and an increase of 5.6% year-over-year.
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In a reversal from the past several weeks, truck depreciation outpaced car depreciation during the first week of the New Year, according to Black Book’s Jan. 8 Market Insights report.
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An index that tracks wholesale used vehicle values fell in December for the first time in four months at a time when the used vehicle market typically shows some weakness. It also reinforced 2017 as a growth year for used vehicle sales.
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The car segment saw the highest declines of the year during the last week of 2017, according to Black Book’s Jan. 1 Market Insights report.
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As demand for vehicles continues to slow down at the end of 2017, the truck segment’s average wholesale value experienced its biggest decline of the year, according to Black Books Dec. 25 Market Insights report.
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The used vehicle market should grow about 1% in 2018 bolstered by a federal tax cut and influx of utility vehicles, while new vehicle sales are expected to remain flat, according to Cox Automotive's senior economist.
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Given the scope of Hurricanes Harvey and Irma, news about the natural disaster and the effect that it had on the used car market held several top spots on the list of top articles of the year.
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Looking toward the end of December, wholesale prices for vehicles up to 8 years old are expected to decline about 1%. Looking at the end of 2017 as a whole, used prices are expected to decline roughly 5.6%.
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As December progresses, average wholesale vehicle values continue to decline, with subcompact cars and subcompact crossovers leading the pack in their respective segments last week, according to Black Book’s Dec. 18 Market Insights report.
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The hurricanes that swept through Texas and Florida destroyed and damaged as many as 900,000 vehicles, and the replacement activity that the catastrophic events spurred boosted retention by almost 2%, according Black Book.
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