Wholesale used vehicle prices took another step back this week.
The overall market dropped 0.15 percent, according to BlackBook’s weekly market insights.
“The market continued the declines that started the week prior,” the BlackBook report noted. “This is not far from what we would typically see for this time of year for seasonal declines. The pre-COVID market averaged a decline of 0.2 percent for this same week.”
Just six of BlackBook’s 22 tracked segments had increases in prices this past week.
Full-size cars and sports cars were the only car segments to see increases. Sports cars were up 0.32 percent, $78. Full-size cars had an increase of 0.08 percent, $17.
The overall car market decreased 0.15 percent, $27. Premium luxury cars dropped $129 in price, 0.31 percent. Premium sports cars were down $100, 0.18 percent.
Four categories among trucks and SUVs — subcompact luxury crossovers, minivans, small pickups and full-size pickups — had marginal gains in value.
Nine truck and SUV segments dropped, with the average being 0.16 percent or $37. Full-size vans lost $176 in price, 0.59 percent.
The weekly sales rate at auction remained at 49 percent.
“Auction conversion rates remained stable last week,” BlackBook reported. “The overall market continues to trend into negative territory, which now leaves us wondering if there will be any room for an increase before the Memorial Day holiday. What we continue to observe in a variety of different auctions is a mixture of prices both increasing and decreasing, depending on area of the country. Inventory week over week is trending downward. The lower level of available inventory at auctions will help to keep pricing stable.”
Retail prices for vehicles 2- to 6-years old inched up to 1.04 on the used retail price index, the high point for the year. The retail inventory jumped from 0.97 to 0.99 on the index — its highest point since the first week of the year.
Vehicles are taking 51 days to turn, an increase of a day.
