Prices for wholesale used vehicles took another big jump in the past week, with nine different categories seeing triple-digit price increases.
The overall market for vehicles between 2- and 8-years old jumped 0.51 percent, according to the newest market insight from BlackBook. This is the latest big step for wholesale prices in a rally that began in early February.
“The market continues to outperform what we traditionally see this time of year, with the weekly rate of gain taking us back to what was experienced in 2021. However, the conversion rates are not back to 2021 levels due to sellers raising their floors each week and holding firm on those increases.”BlackBook Market Insight
“The market continues to outperform what we traditionally see this time of year, with the weekly rate of gain taking us back to what was experienced in 2021,” said the BlackBook release. “However, the conversion rates are not back to 2021 levels due to sellers raising their floors each week and holding firm on those increases.”
Wholesale car prices were up 0.61 percent or $95. Four segments — compact cars, full-size cars, near luxury cars and sports cars — all had price increases of $100 or more. Eight of the nine categories had increases, with only the prestige luxury cars failing to increase in price.
Trucks and SUVs gained 0.46 percent last week — $97. Minivans jumped 1.66 percent — $276.
“The last time this segment reported this large of a gain was May 2021,” BlackBook said.
The compact crossover SUV, mid-size luxury crossover SUV and small pickup categories increased by more than $100. The compact van and full-size van had minor drops in values.
Sales at wholesale auctions remained at 53 percent.
“For the last six week’s auction conversion rates have been increasing, but this week, they were stable,” BlackBook said. “Sellers are starting to hold tight on some of their floors, the result is a few more no-sales. The market is still strong, and prices continue to increase. The expectation is that we will see this trend continue in the months to come.”
Retail prices for vehicles 2- to 6-years old inched above where they began the year on the used retail price index. The retail inventory dropped from 0.98 to 0.96 on the index.
Vehicles are taking 49 days to turn, one day less than last week.