Compact van prices dropped more than 5 percent this past week, leading another week of declines in the wholesale used vehicle market.
The overall market dropped 1.48 percent, heading into Thanksgiving, according to BlackBook’s weekly Market Insights.
“Large market declines continued last week across all segments, with some segments even setting records for the largest single-week declines. The question now is where is the bottom,” BlackBook reported.
Compact vans lost $705 in value or 5.48 percent. It was more than double previous week’s drop of 2.24 percent for the segment.
Three other segments — sub-compact cars, full-size cars and full-size crossover SUVs — fell by more than 2 percent.
All nine car divisions dropped in price, with the average being 1.35 percent or $210. Full-size cars were down $414 or 2.33 percent.
The truck and SUV segments were down $317 or 1.53 percent. Full-size SUVs dropped $570 or 2.09 percent. Full-size pickups declined $506 or 1.95 percent.
The sales rate at auction stayed at 55 percent.
“The auction conversion rate remains stable compared to last week. One trend we’ve noticed is with compact and full-size cargo vans, which have been declining more in the last few weeks than we have seen in years,” BlackBook noted.
The used retail price index dropped to 0.95. The inventory index remained at 1.04. Vehicles are taking 53 days to turn.
