The decline of wholesale used vehicle prices slowed considerably in the past week.
The overall market was down 0.22 percent in the last week, according to BlackBook’s weekly market insights. This followed declines of 0.73 percent and 0.75 percent in the previous weeks.
BlackBook said the market is reacting to the United Auto Workers strike.
“It’s been a full week of the UAW strike, and the market has mixed message,” BlackBook reported. “Overall, depreciation is slowing down, but the story is in the details. For example, the first round of locations impacted by the strike involved the production of the Chevrolet Colorado and that spiked the demand for small pickups.”
Small pickups were down 0.03 percent, or $8. But newer models, 0 -to 2-years-old, were up 0.02 percent.
Two of the nine car segments — full-size cars and sports cars — increased in price. Full-size cars were up 0.14 percent, $24, and sports cars 0.03 percent, $6.
Cars collectively were down $44 or 0.29 percent.
Trucks and SUVs decreased by 0.19 percent, $38. Full-size crossover SUVs increased in price by $68 or 0.25 percent. Mid-size crossover SUVs were up 0.08 percent, $15.
Compact vans saw the largest decrease, 0.79 percent or $109.
The weekly auction sales rate was at 52 percent, an increase of 1 percent from last week.
“One week into the United Auto Worker (UAW) strike, most segments saw declines but at a slower pace than previous weeks,” BlackBook noted. “Now, the UAW is expanding the strikes to 38 parts and distribution locations around the country for GM and Stellantis. The union did not add additional Ford locations to the list as the negotiations moved in a positive direction at the end of the week with them. However, if the strikes drag on for several more weeks, we expect to see more increases in other segments as a result.”
The retail price index moved down to 0.97, below the start of the year. The used retail inventory index is at 1.02. The days to turn a vehicle is at 45 days.
