The slide of wholesale used vehicle prices continued in the last week of May.
The overall wholesale market dropped 0.25 percent, according to the BlackBook weekly insights. The decrease was nearly double the previous week.
“The market continued to decline last week, with the truck segments reporting an acceleration in the rate of depreciation, and the largest single week decline since late January of this year.”
BlackBook Weekly Insights
“The market continued to decline last week, with the truck segments reporting an acceleration in the rate of depreciation, and the largest single week decline since late January of this year,” said the BlackBook report.
Sixteen of the 22 segments followed by BlackBook saw declines this past week. Only three of the 10 truck and SUV divisions — compact luxury crossover SUVs, full-size luxury crossovers SUV and minivans — increased.
Trucks and SUVs dropped on average 0.32 percent or $70. Full-size vans led the slide, dropping 1 percent or $271.
“The full-size van segment reported the largest decline for the segment since 2019, but the values remain elevated with many still surpassing original MSRP,” BlackBook said.
Compact crossover SUVs had a decrease of 0.62 percent or $101.
Car segments dropped on average 0.11 percent or $18. Prestige luxury cars led the declines at 0.33 percent or $118.
Three divisions — mid-size cars, full-size cars and near luxury cars — had modest increases between 0.02 and 0.07 percent, $3 to $10.
The auction conversion rate remained at 48 percent for the second straight week.
“For the second week in a row, auction conversion rates were stable,” BlackBook reported. “With a holiday mixed in and people now starting their summer vacation, we saw little change in sales rates over the past weeks. The 2500-3500 series truck prices continue to drop slightly more this week, while the 1500 series units are seeing relative stability. The car segments saw movement downward, but not as much as the truck segments.”
Retail prices for vehicles 2- to 6-years old edged down to 1.03 on the used retail price index from the high point for the year, 1.04. The retail inventory remained at 0.99 on the index for the third straight week — its highest point since the first week of the year.
Vehicles are taking 52 days to turn, an increase of two days from the previous week.
