Led by big price swings for sports cars and several models of SUVs, the wholesale prices for used vehicles increased again this past week.
The overall market for vehicles between 2- and 8-years old jumped 0.49 percent, according to the newest market insight from BlackBook. It continues a rally dating back to early February.
“The market continued to experience growth last week, with gains far exceeding what is typically seen this time of year. Pre-COVID, this was the time of year when some segments began to move into positive territory, but this year we have already seen six weeks of most of the segments reporting increases.”
BlackBook Weekly Insight
“The market continued to experience growth last week, with gains far exceeding what is typically seen this time of year,” said the BlackBook release. “Pre-COVID, this was the time of year when some segments began to move into positive territory, but this year we have already seen six weeks of most of the segments reporting increases.”
Sports cars prices jumped 1.17 percent, $248, last week. It was the largest gain for the segment, which has increased for nine straight weeks.
Mid-size and full-size cars also saw triple-digit price increases of $119 to $142. Seven of the nine car segments had price increases. Prestige luxury cars and premium sports cars were the only classes to see a drop in prices.
Five SUV categories had price increases of more than $100, along with minivans and small pickups. Eleven of the 13 truck and SUV segments had price increases. Compact and full-size vans were the only two categories to see declines.
Sales at wholesale auctions increased to 53 percent from 52 percent.
“Over the last six weeks we’ve seen an increase in auction conversion rates across the country and last week was no exception,” BlackBook said. “Wholesale prices continue to increase in almost all segments. Full size trucks and SUVs are in high demand, and with General Motors announcing that their truck plants would be shut down for two weeks this month, this could drive used truck prices even higher.”
Retail prices for vehicles 2- to 6-years old are back where they began the year on the used retail price index. The retail inventory dropped to 0.98 on the index.
Vehicles are taking 50 days to turn, one day less than last week.
