Wholesale used vehicle prices started December on the decline, but the pace of the price drops is slowing.
In its weekly Market Insights, Blackbook noted a 0.78 percent drop in prices across the market.
“Following the Thanksgiving slowdown, depreciation resumed across much of the market; however, the pace of declines remained moderate and did not return to the steep drops—over 1 percent per week—seen in late October and early November,” BlackBook reported. “Current depreciation rates are consistent with typical seasonal patterns for this time of year, reflecting the impact of elevated new-car incentives and the resulting pressure on used-vehicle values.”
The nine car segments fell $90 or 0.58 percent. Sub-compact cars dropped 1.13 percent or $69. Sports cars declined 0.81 percent or $169.
The 13 truck and SUV segments fell $160 or 0.85 percent. Four SUV models – subcompact crossover, compact crossover, subcompact luxury crossover and full-size luxury crossover – dropped more than 1 percent.
Auction conversion rates remained strong at 57 percent.
“One notable trend this year has been the consistent volume of large OEM sales each week, a pattern that shows no signs of slowing as we move deeper into December,” BlackBook noted.
