The fall of wholesale used vehicle prices slowed this past week.
The overall wholesale market dropped 0.37 percent, the slowest decline since mid-June, according to the BlackBook Weekly Market Insights. Prices fell 0.53 percent and 0.73 percent in the final two weeks of July.
“After a few weeks of heavy declines across the board, the market appears to be leveling off,” BlackBook reported. “This is particularly true for some of the car segments. Full-size Cars declined a very minimal 0.001 percent. In sharp contrast, the full-size trucks reported their largest single week decline since December 2022, 0.64 percent. ($184)”
All 22 segments followed by BlackBook had at least a minimal decline.
Combined the car segments dropped 0.27 percent or $48 in the past week. Compact cars dropped 0.66 percent or $89. Prestige luxury cars fell by $100 or 0.25 percent.
Trucks and SUVs were down $95 or 0.41 percent. Compact luxury crossover SUVs fell $215 or 0.85 percent.
“The 0-to-2-year-old truck segments reported a smaller decline last week (0.36 percent), but the 8-to-16-year-olds declined more, depreciating by 0.46 percent,” BlackBook noted.
Sales at auction picked up slightly, going to 49 percent last week from 48 percent.
“In the auction lanes, demand picked up for some of the car segments that have lower supply,” BlackBook reported. “With many manufacturers pulling away from production of sedans, the demand at auction is higher than in some of the SUV segments that are seeing larger depreciation rates. Last week, conversion rates continued to show improvement, despite dealers’ days to turn remaining in the 50-plus day range. Additionally, the condition of units is a challenge for buyers that are looking for retail-ready units.”
Used retail prices returned to the same as the start of year this week, according to the retail listings price index. Prices had reached 1.03 earlier this summer.
Inventory increased to 1.02 on the index.
Vehicles are taking 51 days to turn.