The decline in the wholesale vehicle prices stayed steady to start the month of February.
The market fell 0.33 percent this week, matching the final week of January, according to the latest BlackBook weekly Market Insight.
“Terms such as “normalcy” and “stability” signal a refreshing change following four years of volatility, aptly characterizing the present market conditions,” BlackBook reported. “The market’s downturn last week was in line with the previous week’s trend, marking the end of January 2024. As we anticipate the arrival of the spring market, there are promising signs, such as the compact and sports car categories, which showed an uptick in the last week.”
Compact cars increased $27 or 0.26 percent last week. Sports cars were up $14 or 0.07 percent.
Collectively car prices fell 0.22 percent or $31. Near luxury cars were down 0.8 percent or $146.
Twelve of the 13 truck and SUV categories declined in price. The average fall for trucks and SUVs was 0.38 percent or $70.
Small pickups fell 0.67 percent or $138. Minivans were down $100 or 0.65 percent.
The outlier among SUVs was full-size crossover SUVs, which increased in price by $7 or 0.03 percent.
The conversion rate at auction stayed at 55 percent.
“One month into 2024 and the wholesale market continues to show more stability. Less depreciation in both car and truck segments in January compared to December,” BlackBook noted. “All indicators show this trend will continue in February and we should see more improvement in the market in the days to come. Auction conversion and inventory remained stable this week, another positive sign.”
