UNITED STATES — Black Book Market Insights’ weekly report finds that the values of both motorized and towable recreational vehicle units sold at wholesale auctions increased this past month, a fact the firm notes is unusual for this time of year. In fact, the report found that the values of towables are at their highest level ever, and motorized are the highest they’ve been since July 2010.
In the Specialty Market, other areas saw similar increases:
- Collectibles: Even against the backdrop of the twin hurricanes that devastated the Southern United States and Caribbean last month, several auctions recorded very impressive sales totals.
- Powersports: October is another down month in the Powersports market. All year long we have seen sustained pricing weakness across all vehicle segments and most models we cover, and it appears this is going to continue as we head into the fall.
- Heavy Duty: There are additional factors to consider in the monthly wholesale value movement calculation for Heavy Duty Truck values showing up this Fall.
- Medium Duty: Overall, Medium Duty units continue to depreciate as we welcome the fall season. However, this segment is not dropping as fast as it has in recent years.
When comparing used car and truck valuation trends at auctions, the report shows trucks overall are holding their values better than cars. The report also highlights the latest Black Book Retention Index, which increased 1.1 percent to 113.9 from 112.6 in the previous month. It is estimated that up to 600,000 cars and trucks will need to be replaced as a result of Hurricanes Harvey and Irma. The replacement process began in September, resulting in significant month-over-month increases within the Index.
“Small and mid-size cars are continuing to do well, even as the buying frenzy after the hurricanes has slowed down,” said Anil Goyal, senior vice president of Automotive Valuation and Analytics.
The report also found that:
- Volume-weighted, overall car segment values declined by 0.40 percent last week. In comparison, the market values had decreased on average by 0.33 percent per week in the previous four weeks.
- In cars, Full-Size Car and Near Luxury Car segments performed the worst, decreasing by 0.65 percent and 0.71 percent, respectively.
- Volume-weighted, overall truck segment (including pickups, SUVs and vans) values decreased by 0.28 percent last week, worse than the average decrease of 0.12 percent per week in the previous four weeks.
- In trucks, Sub-Compact Crossover, Full-Size Van and Full-Size Pickup segments performed the best.
Click here to download the full report.
Source: Black Book Market Insights press release