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Used vehicles from one to five years old fell 1.4% in value in October in a steady used-vehicle market that showed significant improvement from a year ago with large pickups leading the way, reports Black Book.
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With the number of off-lease vehicles coming into the used car market projected to grow in the coming years, it might be the time for used car leasing to make a return, which would boost demand and price at wholesale for several used car segments, according to Swapalease.com.
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The average price of used vehicles model years 2012-2016 fell 0.7% in September, with the lion’s share of that depreciation coming from the car segment, according to Black Book. As of September, all vehicles are averaging a 12-month depreciation of 14.5%.
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For some fleets, a truck’s value does not come up until it’s time for remarketing. But getting the most profit for these assets requires careful planning long before the truck goes up for sale.
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While market watchers agree that Hurricane Harvey's impact stretches beyond Houston-area automotive business, estimates on exactly how many vehicles will need to be replaced vary between half a million and million vehicles, including as many as 18,500 fleet vehicles.
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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%.
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As manufacturers continue to release new vehicles into the luxury segment, the number of vehicles in the segment has grown. This along with overproduction and higher incentives has led to higher depreciation rates for the segment.
Read More →Black Book will be powering MyDealerOnline, an online vehicle valuation resource that uploads wholesale auction and other wholesale-sourced vehicles to dealer websites, according to the company.
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Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
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“It is expected that we will see more declines in the Index in the months ahead as we move deeper into the year, particularly driven by softness among car segments,” said Anil Goyal, senior vice president of Automotive Valuation and Analytics for Black Book.
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