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The passenger car segment was a main contributor to the the rise in used-vehicle prices in 2018.
All vehicle segments, except for large utility vehicles experienced a decline in auction volume through the month, the report added.
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.
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.
Auction volume was down 2.3% year-over-year for units up to five years old, and on a month-over-month basis, volume was down 16.3%, according to J.D. Power’s July Used Car and Light Truck Guidelines.
June was an especially strong month for the used-vehicle market, resulting in J.D. Power Valuation Services’ Seasonally Adjusted Used Vehicle Price Index increasing 1.2 points from May to 118.2. Compared to a year ago, the index was up 4.1 points.
Consumer are on pace to spend $38.9 billion on new vehicles in June, which is $1.8 billion more than last year’s level. The increase should more than offset the 0.6% decrease in new-vehicle sales for the month, which are expected to total 1.2 million units.
New vehicles sales in May grew by 4.8% on a year-over-year basis in May, while average incentive spend increased for the 38th month in a row.
Wholesale prices for used vehicles up to 8 years old fell 1.7% month-over-month in May, a level that’s typical for this time of year, according to J.D. Power’s June Used Car and Light Truck Guidelines. Auction volume up 12% month-over-month, 2.6% year-over-year.
Late-model auction volume was down 1.6% year-over-year in April, according to J.D. Power’s May Used Car and Light Truck Guidelines.