LAWRENCEVILLE, Ga.—There was good and bad news in the used car space in April, according to a new report.
The pace of the decline in used values continues to increase, but retention values are still higher than they were a year ago, reports Black Book.
Black Book’s Used Vehicle Retention Index for April (113.6) showed a -0.2% change from March (113.8), making April the fifth consecutive month the Index has declined.
While that might be seen by some as a warning sign, Anil Goyal does not think so.
“That the Index has declined for five straight months and it is still slightly higher than where it was a year ago is a testament to the sheer strength in the market we saw throughout 2018,” said the Black Book executive VP of operations. “Much of the 2018 activity was spurred by economic strength, resulting in significant demand for affordable used sedan values. It will be difficult to replicate that activity over the remainder of 2019.”
A Late Start
The Index has reflected a late start to the spring selling season, dropping each month since November. SUV’s and luxury vehicles showed the largest declines in March, with minivans, compact to mid-size cars and small pickups having modest gains. Market share changes reflect a continued shift away from cars and toward more SUV’s and Pickups, Black Book said.
To obtain a copy of the latest Black Book Wholesale Value Index, click here.