Heavier Depreciation Pushes Values Lower in November
Photo of 2010-MY Dodge Dakota via IIHS.
Used vehicles depreciated 2.8% in November during a month that typically sees higher depreciation as vehicles lose greater value toward the end of the year, reports Black Book.
Vehicles from model years 2010-2014 depreciated 3.1% in the car category and 2.6% in the truck category. November vehicle depreciation was steeper than a year ago, when vehicles depreciated 1.9% for the month.
For the second straight month, cargo minivans led all segments, declining 5.6% to $7,662 on average. The category fell 20.6% from a year ago, and includes such vehicles as the Chevrolet HRR, Chevrolet Uplander, Dodge Grand Caravan, and Ford Transit Connect.
Nine Black Book vehicle segments fell at least 3.2% in value in November, including Compact Crossovers at 3.8% to $12,338. Vehicles such as the Audi Q3, BMW X1, and Ford Escape fell 11.9% from a year ago.
Mid-size pickups saw the least amount of depreciation by falling 1.1% to $17,792. Vehicles such as the Chevrolet Colorado, Dodge Dakota, and GMC Canyon declined 7.3% from a year ago.
Larger vehicles seem to be holding their own more than smaller ones, said Anil Goyal, Black Book's vice president of automotive valuation and analytics.
"In analyzing the depreciation patterns this late in the year, it's interesting to see that many full-size segments are experiencing lower price declines, signaling continued strength for large vehicles," Goyal said.