Depreciation in the wholesale used vehicle market continues to slow.
The overall wholesale market fell 0.23 percent last week. That was down from the 0.26 percent decline last week, according to BlackBook’s weekly Market Insights.
“Last week, fewer market segments showed strength, yet the overall market still shows stability and a slower rate of depreciation compared to the pre-COVID average for this period,” BlackBook noted. “Although just two segments demonstrated positive growth last week, the market experienced a lesser rate of depreciation at 0.23 percent, an improvement from the 0.26 percent observed the previous week.”
Prices for the nine car segments were down $23 or 0.17 percent. Near luxury cars were down 0.51 percent or $91. Compact cars had a slight increase of $8 or 0.08 percent.
The 13 truck and SUV categories dropped $49 or 0.26 percent. The full-size luxury crossover SUV led the losses with a decline of $273 or 0.74 percent. The full size crossover SUV increased in price by $16 or 0.07 percent.
The auction sales rate slowed to 53 percent this week from 55 percent.
“For the first time in three weeks, auction conversion rates have dipped, accompanied by a slight decrease in auction inventory,” BlackBook reported. “Additionally, sellers are sticking to their reserve prices, expecting that values may rise in the weeks ahead.”
