RVI Group’s latest Market Update report shows that used-car prices increased in July when compared to June, but were down from a year ago.
Adjusting for inflation, the RVI Used Vehicle Price Index increased by 0.4 percent month-over-month in July. But the index was down 3.4 percent from last July.
On a nominal basis, the index increased by 0.2 percent in July when compared to June, and decreased 1.5 percent year-over-year.
On a year-over-year basis, all but one vehicle segment saw prices decline in July. The distinction went to luxury full-size sedans, which saw a year-over-year gain of 3.4 percent. Losses in other segments ranged from subcompacts at 11.6 percent and small SUVs at 6 percent, to midsize SUVs at 0.9 percent and minivans at 0.5 percent.
“As gas prices decreased, used-car prices for small segments continue to be below market level,” the report noted.
Segments that saw the lowest price decreases from a year ago were minivans (0.5 percent) and midsize SUVs (0.9 percent).
Per Department of Energy statistics, gas prices fell in July to $2.35 a gallon from $2.47 a gallon in June, or a decline of 4.9 percent. On a year-to-year basis, gas prices are down 18.6 percent.
While used-car prices increased in July, new vehicle prices decreased by 0.1 percent in July compared to June. Year-over-year, prices were down 0.4 percent.
RVI’s Used Vehicle Price Index measures wholesale values of used cars (2-5 years old) adjusted for mileage, mix and seasonality.