LAWRENCEVILLE, Ga.—Following several months of declining used vehicle values, used prices rose in March, marking two consecutive months of increases, Black Book reported.
The company’s Used Vehicle Retention Index for March increased 2.9% (4.9 points) to 175.7 from February 2023, which is 6.2% below where it was at the same time in 2022 and 53% above March 2020, pre-pandemic, the company said.
“Wholesale prices for the two-six-year-old vehicle segments that comprise of Black Book’s Used Vehicle Retention Index increased through March, even with uncertainty in banking and the larger economy occupying front-page news,” said Alex Yurchenko, chief data science officer at Black Book. “All vehicle segments except for commercial vans (both compact and full size) and all age groups saw increases last month as dealers were restocking their used lots. Used retail listing prices also climbed in March by about 2%. It appears that future inventory concerns are driving up the wholesale demand more than current retail demand, which remains depressed.”
How Index is Calculated
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition, according to the company.
To obtain a copy of the latest Black Book Wholesale Value Index, click here.
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