Cold Weather Strengthening Used SUV Sales
Photo of 2013 Chevrolet Tahoe courtesy of GM.
The average price of a used vehicle fell 1.2 percent in February as colder weather brought strength to SUV segments for the month, according to Black Book.
The monthly depreciation, was in line with January depreciation, was the result of "colder weather patterns [that] helped heat up the sport utility vehicle and truck segments," said Ricky Beggs, Black Book's editorial director.
Compact SUVs led the charge with an increase in retention value of 0.9 percent. Vehicles such as the Jeep Wrangler and Nissan Xterra helped this category finish with an average price of $19,398, a 2.9 pecent decrease from year-ago levels.
Trucks finished the month with seven of the eight best-performing segments, with the Upper Mid-Size Cars as the lone car segment finishing third-best overall with a 0.3 percent decline. Vehicles in this segment include the Honda Accord, Nissan Altima, Toyota Camry, Volkswagen CC, Kia Optima, and Ford Taurus. Vehicles in this segment finished the month with an average price of $10,924, a 13.6 decline from year-ago levels.
Prestige Luxury Cars saw the largest segment depreciation at 2.8 percent. Vehicles in this segment include the BMW 7-Series, Audi A8, Lexus GS, Mercedes-Benz S-Class, and Jaguar XJ. Vehicles in this segment finished the month with an average price of $34,714, a 18.8-percent decline from year-ago levels.
Vehicles included in the report were from the 2009 to 2013 model years.