Though gas prices have fallen under $3, there has been no major reaction in the lanes due to the rapid decline.

According to the Black Book editorial director’s latest “Beggs on the Used Car Market” video report, the average price of gas has now fallen to $2.99, down 6 cents from the past week and down 27 cents from rates seen during the same period of last year.

Interestingly, Ricky Beggs says there hasn’t been much of a reaction in the lanes — at least not yet.

And after October's wholesale price drop of 2 percent, it seems price declines are evening out a bit as we head toward tax season.

Beggs explained that last week, Black Book reported comments in the lanes reflected a slowing market, which came as no surprise due to the season.

And though Beggs says the impact of lowering gas prices isn’t causing too many issues at auction, this past week’s price movement definitely reflects changing consumer perception and interest.

For example, the more fuel efficient compact car segment saw the largest percentage price decline with prices dropping by 1.05 percent or $79 last week.

Beggs pointed out, as has been the case over the last three months, the premium sporty cars and the three other luxury car segments had the largest dollar adjustments, with prices falling by a range of $84 to $120.

“When you look at the segments within the lowest dollar change, they are some of the more fuel efficient models, the entry mid-size cars at -$38 and the entry level cars at -$34. Why not a greater level of depreciation on these as gas hits a four-year low?” asked Beggs. “We feel it is because we are not at or near a new record low point since the recession began, and the tax season will be upon us just after the first of the year, currently only showing us spots of interest.

“Also, keep in mind that a several years old, smaller, entry type vehicle is a more affordable purchase, sometimes slowing depreciation at a point in time,” he added.

The truck market continues to hold stronger price retention than cars, and last week was no exception.

Overall, the truck segments saw prices fall by just $48 after the segments dropped by $52 two weeks ago.

The full-size vans continue to perform well, seeing slight increases in price, while the full-size SUVs and full-size crossovers continue to see the biggest price drops among trucks, according to Black Book data.

Black Book’s Ricky Beggs will be speaking at the Used Car Week Conferences at the Red Rock Casino, Resort and Spa in Las Vegas.

Beggs will be participating on the CPO Market Intelligence and Analysis panel at 2:30 p.m. Tuesday, Nov. 11, at the CPO Forum — The Pre-Owned Conference.

See this week’s video report above, which features an interview with Tom Cornellier, of Ford Remarketing.