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With two weeks of the new year now behind us, the trends that we ended 2022 with are continuing into 2023.
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With 2022 fully in the rearview mirror, we can begin to evaluate the years performance: the overall market finished down 22.9%, with Cars down 22.7% and Trucks down 23%.
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The year closed out with another week of above average weekly depreciation.
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With the holidays approaching, auction lanes are following the trend of past weeks of being slow.
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After the slowdown in depreciation during the week of Thanksgiving, the depreciation picked up the pace once again last week, but the overall market did not experience the level of declines seen before the holiday.
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Last week was a short week with the Thanksgiving holiday, and the auction results reflected this with the level of declines continuing, but at the lowest level we’ve seen since the third week of July.
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Used Retail Prices are more accessible than in years past, due to the proliferation of ‘no-haggle pricing’ for used-vehicle retailing.
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The fourth quarter typically accounts for the majority of the yearly depreciation, but this year the declines started in Q3 and are continuing to trend higher than typical for this time of year.
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The Estimated Average Weekly Sales Rate dropped to 53% last week.
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