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Typical seasonal highs and lows were disrupted this year due to a run of natural disasters destroying hundreds of thousands of vehicles and causing a surge in replacement activity. Overall fleet depreciation improved this year.
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The hurricanes that swept through Texas and Florida destroyed and damaged as many as 900,000 vehicles, and the replacement activity that the catastrophic events spurred boosted retention by almost 2%, according Black Book.
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The average price of a used vehicle from model years 2012 to 2016 depreciated in value by 2.2%, in November, according to Black Book. Year-over-year, the average value for these vehicles has depreciated by 13.2%.
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Vehicles over 100,000 aren’t depreciating at the same as they used to due mostly to a tight supply of late-model used vehicles, according to Edmunds’ Q3 Used Vehicle Market Report.
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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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Wholesale used vehicle prices rose for the sixth month in a row in October, increasing by 1.02%, according to Manheim’s October Used Vehicle Value Index. This brought the index to 136.3, an 8.1% rise from a year ago.
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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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Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
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Used vehicles increased 0.4% in value in April, as buyers boosted the value of smaller cars, which have begun to shrug off several years of heavier declines, according to Black Book.
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The Mitsubishi Mirage topped a list of the most affordable cars for retail leasing under a methodology that relies heavily on depreciation as a driver of total leasing costs.
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