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Used vehicle prices reached $20,084 in the third quarter of 2018, representing a 3.5% year-over-year increase, and the highest price since 2005.
Wholesale compact van values experienced the biggest decline at auction last week, depreciating 1.03% week-over-week.
Seasonal depreciation patterns are expected to take hold through the rest of the year, with vehicle values declining on a wider scale.
Peterbilt announced a new warranty option for Red Oval Certified Pre-Owned truck customers.
This heavy depreciation was in large part driven by rising no-sales at several auto auctions.
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.
Record-setting orders for new Class 8 trucks are apparently not creating a used-truck glut, if used-truck prices are any indication. However, the growth in prices is expected to slow.
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.
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.
Wholesale values saw a heavy decline last week, with sporty cars, minivans, and small pickups leading weekly depreciation.
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.
While luxury vehicles continue to struggle, overall vehicle values held steady last week, according to Black Book’s Oct. 8 Market Insights report.
Segments such as compact cars and mid-size cars are outperforming the overall market. Meanwhile, vans, utility vehicles, and pickups are under performing the overall market.
Overall used vehicle values were strong in September, and five key segments played a key role in that strength, according to Black Book’s monthly Used Vehicle Retention Index.
Overall car segment values declined 0.25% last week, compared to 0.2% the week prior. These two weeks of accelerated depreciation follow more than two months of strong car segment values.
As vintage Chevrolet trucks increase in popularity with enthusiasts, more trucks are going up for auction and sale prices for the most coveted trucks keep increasing. As we look back at 100 years of Chevy truck history, here’s a gallery of the nine most expensive Chevrolet trucks sold at Barrett-Jackson auctions to date. Photos courtesy of General Motors.
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