The final full week of January brought lower wholesale truck prices for vehicles 2-8 years old.
From January 22-28, wholesale truck prices were reported 0.50% lower, with the overall wholesale vehicle market 0.50% lower also.
Compared to the 2017-2019 average of the same week, wholesale truck prices were down only 0.37%.
As for individual segments, all thirteen truck segments reported a decline. The segments with the highest declines were sub-compact luxury at -1,11% and mid-size luxury at -1.13%.
Many sellers have low inventory and low sales rates, according to Black Book. As a result, sellers are looking to entice buyers by auctioning re-run unsold vehicles.
The decline in sales could be buyers waiting to the traditional spring market to bring in new models.
Black Book also stated that older models under $20,000 are not as popular at franchise dealers, but more popular at non-franchise dealers.
Used Vehicle Prices
Used vehicle buying has made a comeback in the market. More transparent prices have made buyers’ experiences more enjoyable.
In the fourth quarter of 2022, the Retail Listings Price Index declined but not as strong as the wholesale price index.
As for used retail listing volume, 2022 had the highest amount of used vehicle inventory. But toward the fourth quarter, the volume steeply decline.