Wholesale used vehicle prices posts positive gains

Wholesale used car prices entered territory not seen since last summer this past week.

After recording the lowest amount of depreciation in eight months last week, the market took another step forward.

The overall market moved back into positive territory last week for the first time since the middle of June of last year.

BlackBook weekly market insight

“The overall market moved back into positive territory last week for the first time since the middle of June of last year,” said latest BlackBook weekly market insight

According to the BlackBook, wholesale prices for vehicles 2- to 8-years old increased 0.03 percent.

Four of the nine car segments — compact car, mid-size car, full-size car and sports cars — gained in values. Sports cars had a $126 gain, 0.61 percent.

“The market has not seen this level of increase since mid-June 2022,” said BlackBook release.

Trucks gained 0.04 percent overall, $9. Five truck segments — compact crossover SUV, mid-size crossover SUV, full-size crossover SUV, full-size crossover luxury SUV and small pickup — had increases. Small pickups grew in value by $118, 0.53 percent.

Two- to 6-year-old vehicles on Blackbook’s wholesale weekly price index are just slightly below prices at the start of the year.

Sales rates at auction increased for a second straight week.

“February has started off fast, for the second week in a row now, we’ve seen auction sales-rate increase across the country,” the release said. “With this and some increases in wholesale prices over the past 2 weeks. February is setting up to be a strong month, if these trends continue for the rest of the month.”

Retail prices are just slightly down from the first week of the year.

Retail inventory remains decreased two points to 0.97 on the index. Vehicles are still taking 50 days to turn, the same as the previous week. It is four days longer than the first week of the year.

In the consumer price index released Tuesday by the Bureau of Labor Statistics, the index used vehicles fell 1.9 percent in January. The segment has fallen 11.6 percent in the past 12 months.

The entire index increased by 0.5 percent in January.

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