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.
Used Retail Prices are more accessible than in years past, due to the proliferation of ‘no-haggle pricing’ for used-vehicle retailing.
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.
October reflects multimonth decline.
The Estimated Average Weekly Sales Rate dropped to 53% last week.
It was another stable week in the lanes last week. Inventory is still available and consistent, but there has been a noticeable increase of IF sales and no sales.
Used Retail Prices are more accessible than in years past, due to the proliferation of ‘no-haggle pricing’ for used-vehicle retailing. Transparent pricing upfront makes the car buying process more enjoyable for customers and allows Black Book to accurately measure retail market trends.
Repossessions are beginning to show up in the market and with fuel prices returning to a level last seen in February of this year, the Car segment valuations are taking the hardest hit.
The market continued its descent last week, with the level of decline still exceeding what is typically experienced this time of year.
Black Book and Fitch Ratings just unveiled their latest joint depreciation report, taking an in-depth look at car and truck segment depreciation trends in 2021, as well as our outlook and forecast for depreciation in 2022.
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