Wholesale used vehicle prices dropped across the board during the week of Thanksgiving.
The market fell another 1.49 percent last week, according to BlackBook’s weekly Market Insights. It followed a drop of 1.48 percent the previous week.
“Despite being a holiday week, the market continued to experience significant declines last week. Auction attendance and sales rates also declined,” BlackBook noted. “The work vans, full-size luxury SUVs and compact car segments experienced the most significant declines last week, with all three segments depreciating by more than 3 percent in a single week.”
Compact cars dropped 3.84 percent or $445. Collectively the nine car segments fell 1.82 percent or $279.
The 13 truck and SUV categories declined 1.35 percent or $276. Full-size luxury SUVs were down $1,328 or 3.2 percent. Compact vans fell $517 or 4.25 percent. Full-size vans dropped $754 or 3.19 percent.
Sales conversion rates fell to 53 percent from 55 percent before the holiday.
“With the shortened work week, some of the auctions were closed Thursday and Friday,” BlackBook reported. “From what we were able to observe, the wholesale market continued to decline as we reach the last five weeks of the year, it will be interesting to see what happens in the weeks to come.”
The used retail price index fell below 0.95. Retail used inventory declined from a high of 1.05 in early November to 1.02. Vehicles are taking 55 days to turn.
