Both the car and truck segments experienced an overall reduction in depreciation during the week of Oct. 28. Overall truck wholesale values decreased by 0.58% during that week, compared to 0.76% the week before. For cars, overall wholesale values decreased by 0.53%, compared to 0.80% the previous week.
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Depreciation for 1- to 5-year-old vehicles saw a significant increase to 2.9% for October from the 2.3% September rate with passenger cars seeing greater weakness, according to Black Book.
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Pricing for car and truck segments weakened heading into the fourth quarter, which is typical this time of year. Crossovers and SUVs led the way with the highest value decline last week — the full-size crossover/SUV segment fell 1.12%.
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Car and truck segment values fell last week by 0.57% and 0.36% respectively in what were significant drops from the prior week, Black Book has announced.
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Whether a seasonal trend or a sign of things to come, Black Book recorded the largest year-to-date weekly decline in car values last week. Trucks also recorded a sizable drop in values.
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Wholesale used-vehicle prices average $10,734 in September, which was flat with August but up 5.1% from a year ago, according to ADES Analytical Services.
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Wholesale used vehicle prices remained unchanged between August and September, remaining at 126.9 for September, which is a 1.7% increase from a year ago.
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This could be a sign that stop-sale/stop-use units are being repaired and creating less demand for loaner vehicles, says Manheim.
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This week’s Black Book Market Insights report shows that car and truck segments depreciated at nearly the same percentage this past week.
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This week’s Black Book Market Insights report showed depreciation across the board for all car and truck segments, with particular emphasis on trucks and small crossover segments.
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