The average price of a used vehicle for model years 2012 to 2016 decreased in value 1.3%, slightly more than the 1.2% decrease in May, according to Black Book. The price of cars overall dropped 1.8%, while trucks decreased 0.8% in value in June. All vehicles are averaging a 12-month depreciation of 16.7%.
In June, small pickups registered the lowest monthly depreciation of 0.1%. Vehicles in this segment include the Toyota Tacoma, Chevrolet Colorado, GMC Canyon, Nissan Frontier and the Honda Ridgeline. They collectively finished June with an average price of $21,328, a 7.3% decrease from a year ago.
Subcompact cars recorded the largest depreciation during the month at 2.8%. Vehicles in this segment include the Chevrolet Sonic, Ford Fiesta, Honda Fit, Toyota Yaris, Nissan Versa, Kia Soul and the Hyundai Accent. They collectively finished June with an average price of $6,554, a 22% decrease from a year ago.
The segment with the largest 12-month depreciation is prestige luxury cars (25.4%). Vehicles in this segment include the BMW 7-Series, Lexus LS 460, Porsche Panamera, Jaguar XJ, Mercedes Benz S-Class and the Audi A8. They collectively finished June with an average price of $34,894, down from $46,781 one year ago.
Over the past three months, the values of two segments have remained relatively unchanged: full-size pickups and small pickups, which have inched up 0.2% in value, according to Black Book.
Subcompact luxury CUVs registered the largest monthly depreciation in June of 1.8%. Vehicles in the sub-compact luxury crossover segment include the Audi Q3, BMW X1, Mercedes Benz GLA Class, and the Mini Cooper Countryman. Vehicles in this segment finished the month with an average value of $16,388, an 18.9% decrease from a year ago.
“Falling gas prices in the month of June resulted in pockets of strength in used-vehicle valuations,” said Anil Goyal, senior vice president of automotive valuation and analytics for Black Book. “Pickup trucks and large utilities have been strong so far this year while small cars have continued to drop, but the remainder of 2017 is expected to show differing trends in terms of vehicle retention strength.”
See all comments