Used Fleet Lease Vehicle Prices Fall in May
Screenshot via KAR Auction Services.
Prices consignors booked from off-lease fleet vehicles fell 0.2% in May, but remain up 3.5% from a year ago, Tom Kontos wrote in his monthly Kontos Kommentary.
Kontos tracks fleet lease sales of three model-year old units with between 36,000 and 45,000 miles. Mid-size cars with that criteria fell 5.6% to $11,595 from a year ago, and mid-size SUVs fell 1.1% to $20,225 from May of 2016.
At the same time, average wholesale prices for used vehicles remarketed by manufacturers increased 3.3% from April and 4.9% from a year ago. Average prices for dealer consignors were up 0.2% versus April and up 5.9% relative to May 2016, Kontos said.
The overall used vehicle market was flat in May, when vehicle prices averaged $11,138. The overall market increased 3.9% from a year ago. The year-over-year increase came mostly from larger vehicles, including fullsize cars, mid-size and full-size SUVs and large pickups, Kontos said.