Car and truck wholesale prices in July are continuing to ease slightly, making for what NADA Used Car Guide’s Jonathan Banks is calling “another mild month.”

So far this month, used prices have fallen 1.3 percent, similar to June’s 1.1-percent rate of depreciation.

“Although July’s month-to-date figure is a bit higher than June’s rate, depreciation (at least so far) is slightly better than what has historically been recorded for the month,” Banks said in the latest post on his Used Car & Truck blog.

Black Book senior vice president and editorial director Ricky Beggs echoed Banks’ analysis in his latest “Beggs on the Used Car Market” video report.

“Car and truck wholesale prices continue to ease, but at lesser rates than same time last year due to a stronger economy today,” he said.

Beggs also took a look at last week’s action in the lanes, with both cars and trucks declining only $1 more than the previous week’s change.

Overall, the average number of vehicles adjusted each day last week sat at 1,533, the smallest number since the week ending April 26, Beggs said.

And though price declines this month are shaping up to mirror June’s rates, segments are not seeing as large of a drop as they did during the same period of last year.

“When comparing the market movement today versus a year ago the market is in a better mode for cars at -$42 versus -$51 last year and for trucks at -$36 today and -$43 a year ago. Overall, we are having a better market in a slightly better economy,” Beggs said.

Even as gas prices continue to rise, Beggs said, “the market movement today seems to be ignoring the level of change at the pump,” making for a steadier market.

Breaking the price movements down by segment, Banks reported that through the first few weeks of July, compact and midsize cars led the pack in terms of depreciation falling by 2.0 percent and 1.7 percent, respectively, followed by midsize vans at 1.6 percent.

According to NADA UCG data, compact and midsize utilities, luxury cars and utilities, and large pickups have fallen within the range of 0.4 percent to 1.1 percent so far this July. 

On the other hand, even as gas prices rise, large SUVs are the only segment seeing any price appreciation so far this month, Banks said, with prices currently up 0.9 percent.

What’s in store for the rest of the month?

NADA is predicting that used vehicle depreciation will continue to incrase slightly; Banks said that when compared to June, overall used price declines for this month should hit 1.5 percent to 2.0 percent.

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