Prices for one SUV segment soften in summer heat
As the temperatures spike outside, Black Book isn't quite seeing wholesale prices behave in the opposite extreme, which is sometimes the norm as we enter the remaining days of July.
The newest Black Book Market Insights report showed more SUVs dropping in price last week. In fact, editors noticed sub-compact luxury crossovers saw the most depreciation out of all segments, decreasing in value by 1.53 percent.
Meanwhile, the volume-weighted information determined that overall car segment values decreased by 0.34 percent last week, higher than the average weekly decrease of 0.27 percent in values over the previous four weeks.
Editors noted that sub-compact car, mid-size car and luxury car segments declined the most by 0.53 percent, 0.53 percent and 0.48 percent, respectively.
Again volume-weighted, Black Book found that overall truck segment values including pickups, SUVs and vans softened by 0.30 percent last week, higher than the average weekly decrease of 0.14 percent in values during the previous four weeks.
Editors added full-size pickup was the best performing truck segment while the sub-compact luxury crossover segment declined the most.
"Used vehicle values are holding well considering it is middle of July when we normally start to see a steeper seasonal drop," said Anil Goyal, Black Book's senior vice president of automotive valuation and analytics.
Turning next to what Black Book's representatives in the lanes noticed last week, observers didn't spot any situations too out of the ordinary with August approaching.
According to a report out of the Northwest, action in Washington produced, "A normal July sale this week. Pickup trucks commanded the most attention and the strongest values."
In Colorado, a similar situation unfolded. "Everything sold pretty well today but the inventory is down here from a normal July. Overall, it was a typical sale with regard to the number sold."
Up in Wisconsin, Black Book's lane watcher said, "It seemed as if there were more average and rough vehicles in the sale today. Despite the condition of the vehicles they sold well overall."
And the other two reports percolated out of Texas where one observer mentioned, "Values were down on the rental vehicles today especially when the vans hit the sale blocks."
The other anecdote from the Lone Star State mentioned, "Attendance was down considerably in the lanes, but the Internet buyers were stepping up. They were paying the floor prices or more which made for a good sale."