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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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Used cars of all sizes outperformed trucks, vans, and larger SUVs at wholesale auctions in March, Black Book is reporting.
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Toyota and Porsche led mainstream and luxury brands in Edmunds’ 2018 Best Retained Value awards. Collectively, the two brands earned eight of the 18 brand-level awards that Edmunds gives out each year.
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Three-year-old full-size vans retained the most value among trucks, vans, and SUVs in the wholesale used vehicle market, according to Tom Kontos, KAR Auction Services' chief economist.
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Volkswagen has been storing the diesel-powered vehicles it bought back from customers at 37 secure storage facilities that include a suburban Detroit football stadium, former Minnesota paper mill, and desert parking lot near Victorville, Calif., Reuters is reporting.
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Lincoln is expanding its luxury subscription pilot service in West Los Angeles by bolstering the services’ inventory with a slate of used 2017 Lincoln vehicles, according to a company announcement.
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Fleet mainstays such as pickups and vans are expected to perform well at wholesale this year. Higher-end vehicles, such as those found in executive fleets are expected to struggle.
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This wave of off-lease vehicles is expected to be one of the biggest threats that the new-vehicle industry will face this year and the next. And, it won’t just be the sheer volume of relatively new, low-mileage vehicles that will pose a risk to the new-industry; it’ll be the types of off-lease vehicles returning to market that will present the biggest hurdle.
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The used-vehicle industry reached a record-breaking 39.2 million in sales in 2017, representing a 1.6% year-over-year increase, according to the latest Used Car Report from Edmunds.
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Used truck prices are holding steady, with supply still dictating pricing. That’s the word from J.D. Power’s Commercial Truck Guidelines for March, which notes that February is the first month in any new year with a high enough volume of used truck auctions to allow analysts to identify market trends.
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The average price of two- to seven-year-old vehicles depreciated less sharply than expected in February due to "a spirited start to the spring selling season" that has boosted prices for used passenger cars, according to Black Book.
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