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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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SEARCHMENUSEARCHThe higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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Black Book analysts forecast an annual depreciation rate of 15% in 2019 as the supply of used cars and trucks increases, up from a "noticeably strong" 12.4% depreciation rate in 2018.
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Outside factors such as a record-spanning government shutdown, the polar vortex, and a hit to consumer confidence led to a slow start to used sales in 2019.
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The lull that the wholesale market experienced through January and February was upended in March, as the industry saw the traditional spring bounce in values, according to the most recent Manheim Index report.
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Vehicle depreciation accounted for 32.9% of the total cost of ownership over the past 12 months, which continues a three-year trend of declining depreciation costs, according to a new study from Motus.
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View photos from the 2019 Conference of Automotive Remarketing, which took place from March 25 to 27 at Caesars Palace Las Vegas.
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KAR's Warren Byrd earned Remarketer of the Year, while ARI's Chris Clarke won Consignor of the Year.
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Nick Peluso, president of Manheim Digital Marketplace, received the Ed Bobit Industry Icon award on Tuesday during an award ceremony at the 2019 Conference of Automotive Remarketing at the Caesars Palace in Las Vegas.
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The Federal Reserve has voted unanimously that it would not hike interest rates any further for the remainder of 2019.
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In the month preceding the start of the Spring season, trucks continued to show the resilience they've shown in past months. A few key segments showed particular strength and luxury vehicles continued to struggle.
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The average sale price for used vehicles from fleet leasing consignors continued to outpace vehicles cosigned to auction by manufacturers and dealers in February, according to Tom Kontos, KAR's chief economist.
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