Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
Overall car values dropped by 1.8%, while truck values decreased by 0.9% during May, according to the firm. Vehicles from 2011 to 2015 model years fell 17.5% over the same time last year.
“With spring now in our rearview mirror, it is expected we’ll begin to see depreciation pick up, particularly for car segments,” said Anil Goyal, senior vice president of automotive valuation and Analytics. “That being said, it was interesting to see some car segments remain at the higher end of the retention spectrum for strength in values during May, and we’ll also be keeping an eye out for truck segments that see higher depreciation throughout the summer.”
Nearly all of the 22 vehicle segments that Black Book tracks depreciated in April. The only segments to see their values slightly go up compared to the month before were premium sporty cars and full-size pickups.
Full-size pickups were the month’s strongest performers, with values increasing by 0.2%. Vehicles in this segment finished May with an average price of $22,260, according to Black Book. Small pickups, on the other hand, saw values fall by 0.5%, with the average price of a vehicle in this segment amounting to $18,811.
Full-size vans depreciated 1.4% to $17,173, while compact vans declined 1.1% to $9,770 compared to the previous month. Compact crossovers / SUVs depreciated 1.6% to $12,370.