The depreciation in wholesale used vehicle prices slowed again this week.
The overall market dropped 0.63 percent, according to BlackBook’s weekly Market Insights. This followed a fall of 0.68 percent last week.
“As we progress into 2024, signs of market stabilization are emerging, with two segments reporting gains last week,” BlackBook reported. “Furthermore, a few segments in the 8- to 16-year-old range also had positive movement last week. The most notable increase was the compact car segment, typically an early indicator of market strength in the spring season, reporting gains.”
Compact cars increased by $3 or 0.03 percent.
“This is in sharp contrast to the last week of November when the segment dropped 4.32 percent in a single week,” BlackBook said.
Full-size luxury crossover SUVs were the other segment to increase in price, gaining $1.
The nine car segments collectively dropped $55 or 0.39 percent. The sub-compact car fell 1.02 percent or $72. Prestige luxury cars were down $192 or 0.57 percent.
The 13 truck and SUV divisions on average fell $138 or 0.73 percent. Mid-size luxury crossover SUVs declined $212 or 0.87 percent.
The auction conversion rate jumped to 55 percent after a slow start to the year.
“The first full week of the year looked a little different than the first week of 2024, with an increase in inventory and the auction conversion rates,” BlackBook noted. “For the first time in weeks, we are starting to see some stability in the market. We’re still seeing prices drop, but nothing like what was experienced back in November and December of 2023.”
BlackBook’s used retail price and inventory indexes have decreased slightly to start the year. Vehicles are taking 56 days to turn.
