LAWRENCEVILLE, Ga.—The pandemic and oil prices are hitting used car values hard.
Black Book’s Used Vehicle Retention Index for April (114.6) showed a 7.9 point drop from March (114.6)—the Index’s largest drop since its inception in 2005.
“Compact cars and compact SUVs led the decline with record drops due to continuing decreases in gasoline prices,” said Alex Yurchenko, senior vice president, data science. “On the other hand, the SUV/crossover segments finished the month especially strong due to low fuel prices.”
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.
To obtain a copy of the latest Black Book Wholesale Value Index, click here.