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According to Black Book® data, the average price of a used vehicle for model years 2009-2013 overall saw larger depreciation in June compared with the previous two months, signaling typical summertime patterns. Average segment prices saw -1.0% depreciation in June compared with May levels of -0.4%. Domestic cars changed -2.0%; import cars changed -1.4%; domestic trucks changed -0.5%; and import trucks changed -0.8%. Average pre-recession depreciation is historically between -1% and -2% monthly, and Black Book expects overall 2014 depreciation of -13.5%.
Mid-Size Pickups led all segments with the strongest monthly retention at +1.1%, followed by Cargo Minivans at +0.5%. Mid-Size Pickups include the GMC Canyon, Chevrolet Colorado, Dodge Dakota and Honda Ridgeline. The average segment price at the end of June was $17,758, a -6.3% change from year-ago levels ($18,952).
Premium Sporty Cars led all car segments with the lowest depreciation change at -0.6% on the month, and the only car segment in the top-12 for segment depreciation performance. Vehicles in this segment include the BMW 6-Series, Mercedes-Benz CL-Class, Chevrolet Corvette, Nissan GT-R, Mercedes-Benz SL-Class and Cadillac XLR. The average segment price at the end of June was $49,136, a -12.3% change from year ago levels ($56,048).
Entry Mid-Size Cars led all segments with the highest depreciation at -2.7% during June. Vehicles in this segment include Ford Fusion, Volkswagen Jetta, Chevrolet Malibu, Toyota Prius, Buick Regal and Chevrolet Volt. The average segment price at the end of June was $12,539, a -11.4% change from year-ago levels ($14,155).
Compact Crossovers and Passenger Minivans led all truck segments with the largest depreciation in June (-1.4%). Vehicles in the Compact Crossover segment include the Honda CR-V, Mazda CX-7, Ford Escape, Jeep Patriot, Toyota Rav4 and Nissan Rogue. The average segment price at the end of June was $14,968, a -10.9% change from year-ago levels ($16,808).
Only three of the twenty-four total car and truck segments finished the month with a positive value change: Mid-Size Pickups (+1.1%); Cargo Minivans (+0.5%); and Full-Size Pickups (+0.1%).
Six vehicle segments, all cars, had a monthly depreciation change higher than -1.5%, compared with none at this rate in May: Entry Mid-Size Cars (-2.7%); Compact Cars (-2.5%); Full-Size Cars (-2.4%); Upper Mid-Size Cars (-1.8%); Entry-Level Cars (-1.8%); and Sporty Cars (-1.6%).
“The annual depreciation patterns typically see larger value changes in the second half of each year, and we’ve seen this begin to pick up the pace over the last 45-60 days,” said Ricky Beggs, Editorial Director at Black Book. “We will keep a watchful eye on how gas prices and the new model year impact this pace of depreciation as we head through the summer months.”
Black Book® is best known in the automotive industry for providing timely, independent and accurate vehicle pricing information, and is available to industry-qualified users through online subscription products, mobile applications and licensing agreements. A leading provider since 1955, Black Book has continuously evolved to ensure that it achieves its goal of delivering mission-critical information to its customers, along with the insight necessary to successfully buy, sell, and lend. Black Book data is published daily by National Auto Research, a division of Hearst Business media, and the company maintains offices in Georgia, Florida, and Maryland.