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.
Both cars and trucks saw a noticeable rise in depreciation last week, according to Black Book’s Nov. 6 Market Insights report.
The firm attributed the strong vehicle retention in October to increased replacement activity stemming from Hurricanes Harvey and Irma. However, the increased replacement activity seen in October is expected to be the last boost to come from the hurricanes.
Average wholesale values saw little change last week compared to the week before it, with depreciation falling in both the car and truck segment, according to Black Book’s Oct. 30 Market Insights report.
Depreciation trends for both car and truck segments are seasonally lower than what is normally expected this time of year, according to Black Book’s Oct. 23 Market Insights report.
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%.
The average wholesale value of cars and trucks saw little depreciation last week, as lane activity has increased as a result of the recent hurricanes, according to Black Book’s Sept. 25 Market Insights report.
The car segment saw a week-over-week rise in depreciation while the truck segment saw a lower depreciation rate last week, according to Black Book’s Aug. 28 Market Insights report.
Wholesale cars that have been depreciating at roughly double the rate of trucks in the past month have stabilized in the past week, according to Black Book’s June 26 Market Insights report.
Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
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