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Used vehicle values continued to decline at the start of the new year, pushing sales rates at auction up, but moving prices down.
Vehicle manufacturers will sell 17 million new vehicles in 2019, which would represent only a 1.3% decline from a year that recorded a third consecutive year of more than 17 million new vehicles sold, according to Oliver Strauss, chief economist for TrueCar’s ALG.
Wholesale values declined 0.3% for model years 2016-2017 and 0.2% for model years 2008-2015 in December.
U.S. new-car dealers sold 17.33 million cars and light trucks in 2018, exceeding expectations due to a 2.2% year-over-year improvement in December.
Black Book’s Used Vehicle Retention Index finished 2018 1.9% higher than in the same time in 2017.
The passenger car segment was a main contributor to the the rise in used-vehicle prices in 2018.
The average transaction price for a new vehicle in the U.S. was $37,577 in December 2018, a 1.3% increase from the same time in 2017.
All vehicle segments, except for large utility vehicles experienced a decline in auction volume through the month, the report added.
Overall, wholesale car segments values decreased 0.86% last week, compared to 0.72% the week before.
Overall average wholesale prices softened in November from a year ago mostly due to 2017 prices that were elevated due to increased demand from hurricanes Harvey and Irma, even though values of former fleet vehicles increased, according to Tom Kontos, KAR Auction Services' chief economist.
The average 12-month depreciation through the end of November for all vehicles was 12.5%.
As the year comes to a close, used sedan values are continuing to decline from the abnormally high levels that the segment saw through most of 2018.
November’s Index registered at 116.5, a 0.2% gain from the previous month.
The small pickup segment experienced its highest depreciation of the year last week, according to Black Book’s Dec. 3 Market Insights report.
One tactic that OEMs are leveraging in order to offset some of this growth is the use of incentives.
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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