Wholesale vehicle prices declined for a third straight week.
The overall market dropped 0.13 percent last week, according to BlackBook. The decrease was slightly less than the previous week’s 0.15 percent drop.
“Declines continued last week for the overall market and only a few segments are still reporting small increases,” BlackBook reported. “The trend for 2-to-8-year-old vehicles, a 0.13 percent decline last week, is reflective of the other vehicle segments with 0-to-2-year-olds declining 0.12 percent and 8-to-16-year-old models declining 0.17 percent.”
Only compact cars and sports cars saw slight increases among the nine car segments. Overall, car prices dropped $29 or 0.16 percent. Prestige luxury cars saw a decline of $139 or 0.33 percent.
The truck and SUV category saw a decrease of $29 or 0.12 percent, with 10 of the 13 segments declining.
Only full-size crossover SUVs, minivans and full-size pickups had increases.
The weekly sales rate at auction dropped from 49 percent to 48.
“We are seeing more no-sales and dealers holding tight on their floors, as we roll into the Memorial Day holiday week,” BlackBook reported. “The 1500 series trucks are one of the vehicles that are still moving upward in value, but at a slower pace than we have recently been seeing. Still seeing lower inventory at auctions across the country, despite the relative price stability/declining being reported on most segments.”
Retail prices for vehicles 2- to 6-years old stayed at 1.04 on the used retail price index, the high point for the year. The retail inventory also remained at 0.99 on the index — its highest point since the first week of the year.
Vehicles are taking 50 days to turn, a decrease of a day.