With this past week marking roughly about a third of summertime unofficially remaining, the juncture also represented a span when values for both cars and trucks softened at greater rates than earlier in the season, according to the newest Black Book Market Insights report.
Based on volume-weighted information, analysts discovered overall car segment values decreased by 0.41% last week. In comparison, car values had decreased by 0.29% on average during the prior four-week period.
Among cars, Black Book found values of prestige luxury cars declined the most, dropping by 0.70% or $324.
Again according to volume-weighted data, analysts determined overall truck segment values (including pickups, SUVs and vans) dropped by 0.38% last week. That’s more than double the four-week average, which was 0.16%.
In the truck space, Black Book mentioned minivan values were off the most, sliding by 0.76% or $113.
“The used-vehicle market is showing normal depreciation pattern so far in the summer. In comparison, the market was stronger last summer,” Black Book executive vice president of operations Anil Goyal said in the latest report.
The report also contained anecdotes from the lanes as Black Book attends nearly 60 sales nationwide each week. One recap came from the largest annual event hosted by an auction in Washington.
“The market was hot for our big two-day event sale this year as 4,750 vehicles were offered up and 3,400 sold resulting in a 72% conversion rate. The average price of the vehicles sold was $19,980, which was encouraging,” the owner told Black Book.
Other lane watchers had these observations to share:
— From Michigan: “Some trucks are still pulling strong money, but overall our market is weakening due to sporadic retail sales.”
— From Florida: “Rentals and off-lease vehicles sold at a high percentage, but the inventory was low. The older vehicles seemed to attract more attention this week compared to the previous few weeks.”
— From California: “The sale was just OK here as it featured lots of high mileage units with 100,000 or more.”