Depreciation slowed slightly in the wholesale used vehicle market in the first full week of December.
The market dropped 1.49 percent, according to BlackBook’s weekly Market Insights. Last week prices fell 1.86 percent.
“Another week of large declines, but the overall level of declines showed some signs of slowing,” BlackBook reported. “With sellers more willing to lower their floors, the expectation is that larger-than-traditional seasonal declines will continue through the end of the year.”
All 22 vehicle segments followed by BlackBook fell in price between 0.37 percent for premium sports cars to 3.55 percent for sports cars. Sports cars dropped $741.
The overall car market fell 1.72 percent or $253. Full-size cars were down 3.35 percent or $559. Compact cars declined 2.28 percent or $244.
The 13 truck and SUV categories dropped 1.4 percent or $277. Full-size luxury crossover SUVs fell 3.17 percent or $1,229.
“The full-size luxury crossover SUV segment reported a third consecutive week with depreciation greater than 3 percent,” BlackBook noted.
Full-size vans experienced a 2.76 percent or $614 fall.
Sales conversion rates jumped to 56 percent.
“One of the things we noticed this week at the auctions was that buyers were more attracted to the vehicles with no issues, clean history reports, lower mileage and higher condition grades, not wanting to spend any more money than necessary to get it ‘front-line ready,’ With that said, we did see an increase in the overall auction conversion rates this week,” BlackBook reported.
The used retail index stayed at 0.94. The used retail inventory dropped sharply to the same point as the year started.
Vehicles are taking 58 to turn around.
