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Wholesale values saw unusually low depreciation last week, according to Black Book’s Jan. 21 Market Insights report.
Wholesale values as of the second week of the new year are holding stable, which is the inverse of the heavy depreciation that late 2019 saw.
Black Book’s Used Vehicle Retention Index for December 2019 registered 113.3, representing a 0.7 point decline from the month before.
Overall car segment values decreased 0.26% last week, compared to 0.68% the week before. Overall truck segment values decreased 0.44% last week, compared to 0.71% the week before.
Overall car segment values decreased 0.68% last week, compared to 0.92% the week before. Overall truck segment values decreased 0.71% last week, compared to 0.85% the week before.
The outlook for the 2020 used market is positive, at least according to three remarketers from three fleet management companies.
Fleet data collected in 2019 found that depreciation expenses for most vehicles went down in 2019.
Five of the most widely used vehicle segments among light-duty fleets saw relatively low depreciation in 2019.
Analysts found that, as in 2018, consumers continued to abandon car segments in 2019. Light trucks are on track to account for more than 70% of overall new-car sales for 2019, while cars will account for less than 30% of new-car sales.
The wholesale market experienced above average depreciation last week, but there is the sentiment among remarketers that values may begin to stabilize soon.
Former fleet vehicles sold by KAR Global's ADESA remarketing unit fell 3.2% in value in November from the prior month but remain 3% ahead of a year ago partly due to a softening wholesale market.
CUV/SUVs saw year-over-year declines to their wholesale values, but are still performing well due to continued demand for these segments and cheap gas prices, but an inflection point is approaching.
The average sale price for a 3-year-old used vehicle was $14,951 less than its new equivalent in the third quarter of 2019.
Overall car segment values decreased 1.04% last week, compared to 0.91% the week before. Overall truck segment values decreased 1.18% last week, compared to 0.88% the week before.
The last week of November continued the downward spiral in used vehicle values, marking the weakest month in two years for wholesale 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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