Lane watch: Values showing signs of more stability
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LAWRENCEVILLE, Ga. –
Of the 22 different vehicle segments Black Book tracks for its Market Insights, only three posted higher values last week compared to a week earlier.
The smallest two gains were connected with vehicles likely on either end of the buyer spectrum — subcompact cars for individuals on budget and premium sporty cars for those people who might have more wealth at their disposal.
The other segment to generate a value gain is likely needed by the service provider delivering goods to your home or coming by to make a repair, as Black Book said prices for compact vans rose 0.56%.
Perhaps those details are rather boring compared to how noteworthy wholesale-price trends have been, especially during the first half of the year when they rose for 23 consecutive weeks. Maybe the latest info should come as welcome relief to used-car managers looking for inventory, while their new-car colleagues wait for models to arrive from the factory.
“Used wholesale and retail prices are starting to stabilize in July (although at a remarkably high plateau), but new-car sales are still on a rollercoaster as the chip shortage is finally showing up in the new sales numbers,” Black Book said in the report released Tuesday.
Looking closer at car segments, Black Book’s volume-weighted data showed overall values of cars decreased 1.03% during the week that ended on Saturday. That’s more than double the softening analysts saw during the previous week when car prices dropped by 0.47%.
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Values for those previously mentioned subcompact cars moved up by 0.19%. While prices for sporty premium cars officially count as an increase, analysts said it was just a minuscule uptick of 0.02%
Conversely, Black Book indicated compact cars posted the steepest value decline last week at 1.9%, followed by midsize cars (down 1.19%) and luxury cars (down 1.14%).
Analysts also noticed that value declines for trucks accelerated, too, as their volume-weighted data showed overall prices dropped 0.41% last week.
While prices rose for compact vans, Black Book said values for the other 12 truck segments all decreased with small pickups leading the way at 0.87%.