The drop of wholesale used vehicle prices continues to pick up pace.
The overall wholesale market dropped 0.31 percent, according to the BlackBook weekly insights. It’s the largest one-week slide since the market turned at the end of April.
“The market continued to decline last week, down 0.31 percent,” BlackBook reported. “The level of depreciation exceeded pre-COVID norms for this time of year of 0.22 percent.”
Of the 22 segments tracked by BlackBook, only two — sports cars and full-size trucks — increased this week. Sports cars increased by 0.38 percent or $93. Full-size trucks were up 0.06 percent or $18.
Collectively, the nine car segments dropped 0.26 percent or $46. Sub-compact cars lost 0.63 percent or $59. Near luxury cars dropped $114 or 0.5 percent and prestige luxury $145 or 0.35 percent.
The 13 truck and SUV categories fell 0.34 percent or $81. Compact luxury crossover/SUV dropped $180 or 0.67. The mid-size crossover/SUV, subcompact luxury crossover and mid-size luxury crossover SUV also lost more than $100 in value.
The auction conversion rate increased slightly from 48 to 49 percent.
“June has started off on a positive note, with auction conversion rates increasing for the first time in four weeks,” BlackBook stated. “We saw more buyers in the lanes and online last week than in weeks in the prior months. Prices are still moving in both directions, while 1500 series trucks rebounded this week after last week’s dip, other segments continue to see prices following a downward trend.”
Retail prices for vehicles 2- to 6-years old stayed at 1.03 on the used retail price index. The retail inventory reverted back to 1, where it began 2023.
Vehicles are taking 54 days to turn, an increase of two days from the previous week.
