Used Vehicle Values Had Biggest Drop in 2017 Last Week
This week’s Black Book Market Insights report shows used cars overall dropping in value by 0.78 percent-a record decrease in 2017.
Mid-Sized Cars saw the highest depreciation, with a 1.18-percent decrease in value. Conversely, Small Pickups in the truck segment performed the best out of all vehicle categories, maintaining their value from last week.
“The last full week of 2017 saw the steepest decline of the year in the overall car segment,” said Anil Goyal, senior vice president of automotive valuation and analytics for Black Book.
The compact segment value also dropped by 0.93 percent, while the sub-compact luxury crossover segment performed the worst, decreasing by 1.38 percent.
Volume-weighted, overall truck segment (including pickups, SUVs and vans) values declined by 0.54 percent last week.
What’s Happening Specialty Markets
Black Book also provided the following notes on other vehicle markets:
- Collectible Cars-With Arizona Auction Week arriving, hundreds of thousands of collectors, enthusiasts, and dealers are on their way to Scottsdale to attend auctions hosted by Barrett-Jackson, Russo and Steele, RM Sotheby’s, Bonham’s, Gooding, Silver, and Worldwide.
- Powersports-The powersports market is entering the New Year on a positive note. Most of the segment changes are fairly modest this month, with both cruisers and off-road bikes slightly up in value, marking an early beginning for the spring selling season.
- Medium Duty-The Medium Duty wholesale market continues its downward trend. This past month, late model units (2015-2016) dropped a weighted average of $296 (0.6 percent), which is less than the previous five months
- Heavy Duty-Key factors for late model HD Value Retention has always been condition, mileage and good specs, but those attributes play a factor now more than ever
- Recreational Vehicles-Last month, the values for towable and motorized units had moved in different directions for the first time in several months