Two kinds of vehicles that might turn the quickest on your lots might have become a little more affordable at the sale you frequent.
The latest Market Insights Report from Black Book noted a pair of vehicle segments sustained the largest price drops of 2018.
Here’s how Anil Goyal, executive vice president operations for Black Book, explained the latest developments.
“Used-vehicle depreciation worsens as midsize cars and compact crossover/SUVs see the largest weekly drop this year,” Goyal said in the report.
Volume-weighted, editors found that overall car segment values decreased by 0.69 percent last week. In comparison, Black Book indicated market values had decreased by 0.56 percent on average during the prior four-week period.
And that previously mentioned midsize car segment experienced the biggest drop as Black Book pinpointed it at 1.05 percent or $91.
Again volume-weighted, editors reported that overall truck segment values — including pickups, SUVs and vans softened by 0.53 percent last week. In comparison, the market values had dipped by 0.45 percent on average during the previous four-week span.
Among trucks, Black Book noted the compact van segment performed the worst, sliding by 0.96 percent or $84. And prices for those compact crossover/SUVs dropped by 0.79 percent or $96.
Turning next to what Black Book noticed in the lanes at nearly 60 sales the company attends each week, anecdotes began with the recap of a conversation with an auction general manager from South Carolina.
“We have a small auction without a lot of the commercial accounts and our sales percentages have been consistently about 65 percent. Our inventory is very popular but especially so right now,” the GM told Black Book.
Black Book’s other observations stretched nationwide, including:
— From Arizona: “The sale could best be described as sluggish. Lower mileage older cars were the most popular vehicles.”
— From California: “We had a pretty decent sale but definitely more no-sales compared to previous weeks.”
— From Michigan: “The dealers knew what type of vehicle they were looking for and were only bidding on those. Not a lot of speculating going on.”
— From Georgia: “Attendance and inventory were pretty low. There was not a lot of enthusiasm amongst the dealers.”