With the wholesale price declines for cars beginning to accelerate, Black Book representatives mingling with dealers in lanes nationwide uncovered five interesting trends; ones that might be happening at your local sale or your favorite online bidding platform, too.
First, let’s look at the numbers included in this week’s edition of Black Book Market Insights.
Volume-weighted, editors indicated overall car segment values decreased by 0.54 percent last week. That’s a much higher pace than what Black Book recorded during the previous four-week span when car values decreased by only 0.16 percent on average.
As what was noted from the previous update, as well, Black Book said the sporty car segment experienced the biggest drop, sliding by 0.91 percent or $140.
Meanwhile the volume-weighted data on the truck side showed segment values (including pickups, SUVs and vans) decreased by 0.37 percent last week. Like cars, truck values are softening at a greater rate since market values had dipped by just 0.10 percent on average during the prior four-week period.
Among trucks, Black Book reported the minivan and small pickup segments performed the worst as minivans dropped by 0.95 percent or $123, and small pickups declined by 0.83 percent or $131.
“The decline in used-vehicle values accelerated steeply last week. There was a broad drop in the market, particularly in the car segments,” said Anil Goyal, executive vice president of operations for Black Book.
And finally, here are those observations from throughout the country. See what matches up to your recent experience.
— From Florida: “The buyers were picky as they seem to be doing less speculating for inventory. Trucks continue to perform well here.”
— From Washington: “A more normal fall sale as prices seemed to soften on most vehicles. The dealers that I spoke with were enjoying the decline in values along with a good run of vehicles to choose from.”
— From Illinois: “Representatives from two of the largest remarketers stated they are seeing proceeds come down.”
— From Georgia: “There may be a new pattern emerging: Higher mileage and lower condition vehicles more in demand over the cleaner vehicles.”
— From Wisconsin: “We had more no-sales than usual today along with more vehicles in poor condition.”