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Wholesale vehicle depreciation saw an uptick last week, as the car segment in particular saw a decrease in values, according to Black Book's July 15 Market Insights report.
The used industry's seasonally adjusted annual rate (SAAR) was 39.8 million during June, down from the 41.1 million SAAR from the same time last year, according to Cox Automotive estimates.
Wholesale vehicle depreciation continued to accelerate last week, a trend that is expected to continue for the next few weeks, as seasonal patterns take hold, according to Black Book's July 8 Market Insights report.
Black Book's latest Used Vehicle Retention Index for June (115) shows a 0.6% increase from May (114.4), which reflects an incremental improvement in used vehicle values.
The average transaction price for a light vehicle in the U.S. in June was $37,285.
Lower depreciation among luxury cars helped decelerate overall car segment depreciation, while truck segment depreciation remained stable.
The average age of light vehicles in operation in the U.S. has risen again this year to 11.8 years, according to new research from IHS Markit.
Car values continued to weaken and truck values strengthened last week, as the summer months approach.
Overall car segment values decreased 0.36% last week, compared to 0.31% the week prior. Overall truck segment values decreased 0.16%, compared to 0.08% last week.
The Used Retention Index for May was 114.4, which represented a 0.7% increase from the month before. This was the first increase of 2019.
Spring has come to an end, with cars declining in values greater than trucks.
With the exception of luxury vehicles, most vehicle segments saw stable values last week.
Sedan wholesale values are expected to improve as more SUVs and crossovers return to the used market. Meanwhile, SUV and crossover wholesale values are beginning to decline
Overall wholesale values remained stable last week, however, luxury values continued to decline last week.
Overall car segment values were down 0.08%, compared to a 0.08% increase the week before. Overall truck segment values were up 0.09%, compared to an increase of 0.05% the week before.
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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