Depreciation of used vehicles continues to slow.
According to BlackBook’s weekly market insight, wholesale prices had their lowest overall depreciation since the end of June 2022 last week.
“The reduction in weekly depreciation that started a couple of weeks ago continued again last week,” said the latest BlackBook release.
The overall market was down 0.25 percent from the previous week. Used cars were down $46 downs or 0.30 percent. Used trucks and SUVs were down $48 or 0.23 percent.
Two classes of vehicles — sporty cars ($44) and compact crossover SUVs ($21) — gained in values.
The BlackBook retail price index stayed at 0.98 of the start of the year price for the second straight week. The index is based on approximately two million 2-6-year-old vehicles listed for sale on U.S. dealer lots.
Retail inventory remains down from the start of the year at 99 percent. Vehicles are taking 50 days to turn, the same as the previous week. It is four days longer than the first week of the year.
BlackBook also this week released its used vehicle retention index for January, which was down nearly 2 points from December at 167.7. The index provides a view of the used vehicle wholesale market, measuring the trend in percent retention from original MSRP of a typical4-year old vehicle in the market.
The index was down 14.8 percent from last January, when the index reached its all-time high of 197.