LAWRENCEVILLE, Ga.—According to Black Book, the average price of a used vehicle for model years 2010-2014 declined 2.8% during November, reinforcing the notion that cars and trucks face their heaviest depreciation toward the end of the year.
Cars declined 3.1% while trucks declined 2.6% during the month. Average pre-recession annual depreciation was continually recorded between 15% and 18%, and Black Book expects 2015 depreciation near 13%.
For the second straight month, cargo mini vans led all vehicle segments with the highest depreciation on the month at 5.6% in November. Vehicles in this segment finished November with an average segment price of $7,662, a 20.6% drop from a year ago ($9,651).
Nine vehicle segments saw depreciation in November of 3.2% or greater, three of which were trucks including the compact crossovers at 3.8% on the month. Vehicles in this segment finished the month with an average segment price of $12,338, an -11.9% change from a year ago ($14,003).
Midsize pickup trucks led all segments with the lowest depreciation in November at 1.1%. Vehicles in this segment finished November with an average segment price of $17,792, a -7.3% change from a year ago ($19,184).
“In analyzing the depreciation patterns this late in the year, it’s interesting to see that many full-size segments are experiencing lower price declines, signaling continued strength for large vehicles,” said Anil Goyal, vice president of automotive valuation and analytics for Black Book.