The drop in wholesale used vehicle prices hastened as the end of July neared.
The overall market fell 0.74 percent last week. It followed a mid-July drop of 0.6 percent, according to BlackBook’s Market Insights.
“The overall depreciation rate continues to accelerate, with the market dropping by 0.74 percent last week, significantly higher than the pre- pandemic average of 0.25 percent. Notably, six out of the 22 segments tracked by Black Book reported declines exceeding 1 percent last week,” BlackBook noted.
Luxury cars, prestige luxury cars, full-size crossover SUVs, sub-compact luxury crossover SUVs, full-size vans and small pickups all fell more than 1 percent. Sub-compact luxury crossover SUVs were down 1.68 percent or $275. Prestige luxury cars dropped $469 or 1.28 percent.
The nine car categories fell 0.75 percent or $117. Full-size cars experience the smallest drop, $35 or 0.2 percent.
The 13 truck and SUV segments were down $149 or 0.73 percent. The only model to fall less than 0.5 percent was the mid-size crossover SUV at 0.39 percent. It fell $76 in price.
The auction lanes remain active. Conversion rates were at 58 percent, down slightly from the 61 percent the week prior.
