Late Model Year Vehicle Values Fall in November
The average price of a used vehicle from model years 2012 to 2016 depreciated in value by 2.2%, in November, according to Black Book. Year-over-year, the average value for these vehicles has depreciated by 13.2%.
“After steady used car values in October, vehicle values overall decreased slightly in November,” said Anil Goyal, senior vice president of Automotive Valuation and analytics. “Values typically drop slightly around the holiday season as we reach late into the year, especially right before the tax rebate checks begin to spur buying activity in the first quarter.”
Looking at November from a segment perspective, the car segment saw a higher depreciation of 2.6% while trucks depreciated by 1.8%. The average between the two came out to 2.2%.
Among cars, subcompacts experienced the highest month-over-month decrease in value during November, depreciating by 3.7%. The average price for a vehicle in this segment at the start of December was $6,211.
Meanwhile, small pickups saw a slight month-over-month rise in value of 0.4% and a year-over-year drop in value of 6.8%. Small pickups ended November with an average price of $21,454.
Year-over-year, full-size pickups in the 2012 to 2016 model-year range have realized the least depreciation among all segments. The average price of $24,020 for the segment at the end of November was 4.3% drop from the same time last year.