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Here is the latest data on the used-car market from Ricky Beggs, analyst at Black Book USA.
This past week has presented some amazing insights and situations within the market and the resulting used vehicle values. As the calendar turned to a new month, there were some more aggressive efforts from some of the buyers. The number of adjustments that were increases at 19% was the highest level of increases over the past 4 weeks and the second highest level in the past 9 weeks. But when looking at the overall average segment change which increased for the cars and trucks over the previous week, those that did decline averaged a higher amount than in any of the previous 5 weeks.
Within the cars the segments with the largest dollar declines consisted of higher level vehicles, the Premium Sporty Cars (PSC) at -$123, the Near Luxury Cars (NLC) at -$79 and the Prestige Luxury Cars (PLC) at -$61.
The mix of vehicles with the largest % change took a different turn with 3 of the 4 largest declining segments being made up of more fuel efficient vehicles. This was somewhat unexpected as gas prices have now increased for 4 consecutive weeks. Fortunately we are not at gas price levels that have openly changed buying habits nor drastically affected the consumer in the pocketbook.
Taking a closer look at the truck trends showed us that the 2 largest declining segments this past week are both on 3 week average change levels very close to -$100. The Mid-size Crossovers (MXU) at -$101 this past week, with a three week average change of -$98 and the Luxury SUVs (LSU) at -$99 for the past week and -$108 over the past 3 weeks.
On the positive side and more stable segments the Compact Pickups again increased this week by $29. Other more stable adjustments this past week were the small volume segment Cargo Minivans at -$14, which were then followed by the Compact SUVs at -$23 and the Mid-size Pickups at -$26.
A year ago the Compact Pickups had one of the larger declining changes, while the most recent largest declining segment, the Mid-size Crossovers (MXU), was close to one of the smallest declining amounts a year ago.
With changes all over the board this past week there are questions within our team as what we will find next week. We hope you will be watching the Daily changes through the Black Book Mobile apps and also tune in here for this market video next Monday to see what trends or differences appear next week in the market. We’ll see you on the auction lanes and wish for you a great week!