Of the nine car segments that Black Book tracks, luxury cars showed the greatest price decline last week.

Their dip in prices (0.55 percent) was more than twice the overall percentage decline for the nine car segments (0.22 percent).

In a recap of the Black Book Market Insights reports, Black Book poses this question, which might as well have been rhetorical.

“Could this be a result of all the off-lease volume returning to the market?” the company asks, referring to luxury cars leading the decline.

Black Book’s data incudes volume-weighted wholesale price averages for vehicles from model-years 2007 through 2013.

Meanwhile, in its data set — which measured the price trends among vehicles up to 8 years old — NADA Used Car Guide found that on a month-over-month basis, there were several luxury segments leading the downward used price movement.

Luxury large utilities (down 0.7 percent) had the greatest sequential decline in March, with luxury large cars second (down 0.4 percent) and luxury midsize utilities in third (down 0.1 percent), according to NADA Used Car Guide’s April Guidelines report.

While still increasing, luxury compact utility (up 0.2 percent), luxury midsize cars (up 0.3 percent) and luxury compact cars (up 1.0 percent) were still below the average industry change (an increase of 1.1 percent).

But perhaps a better tell for the impact on off-lease volumes is found in quarterly data.

NADA Used Car Guide looked at the quarter-to-quarter price changes that occurred from Q4 of 2014 to Q1 of 2015.

It then measured how much difference (in percentage points) there was between those percentages and the quarter-to-quarter price changes that occurred from Q4 2015 to Q4 2016.

The biggest percentage-point gaps occurred in compact utility vehicles, compact cars and midsize utility vehicles.

“For example, compact utility prices rose by 2.3 percent from Q4 2014 through Q1 2015, while they declined by 1.9 percent over the period this year — a loss of 4.2 percentage points,” NADA Used Car Guide's Jonathan Banks wrote in the report.

“The Q1 fall in compact car and midsize utility prices stands at a similar average of 4 points. Given Used Car Guide’s outlook for sizeable increases in off-lease volume, prices for these segments should continue to erode at an above average rate as the year progresses,” he added.