A seasonal decrease in floor traffic at franchised and independent used-car lots lead to a decline in values across all 24 vehicle segments, according to the Used Car Market report by Black Book.
The average segment adjustment amount was also the largest amount for both the car and the truck segments since Black Book began tracking this type of data, said Black Book’s vice president and managing editor Ricky Beggs.
Car values have declined for five consecutive weeks, while truck values have dropped seven straight weeks and at a dollar amount that is 230 percent greater than the cars (-$143 vs. -$62).
The average daily vehicle adjustment was 2,420 changes, which was 151 percent more models adjusted than the previous week of 1,600. Only 1 percent of the adjustments were increases in values, which came as no surprise, Beggs said. The overall adjustment amount dropped to $188, which was an increase from last week’s decline of $163.