Wholesale used vehicle prices for vehicles from fleet or lease consignors increased 4.1% in January from the prior month, but fell 0.3% from the same month a year ago, according to the latest Kontos Kommentary.
Prices started the year with a similar pattern to 2017 and reflect pre-hurricane activity, according to Tom Kontos, KAR Auction Services' chief economist. Car prices have "tended to fall, while truck prices provided a boost," Kontos said. Car and truck sales are moving toward parity because car values have shown strength in recent months.
Overall wholesale prices in January increased 1.6% in January from December and increased 0.3% from the prior year.
Typical fleet segments such as the midsize car and midsize SUV/CUV fell 0.4% to $11,513 and 1.1% to $20,236 respectively. These three-year-old units averaged between 36,000 and 45,000 miles.
The boost in values caused by demand from the two hurricanes that hit Texas and Florida in 2017 has ended, Kontos said.