LAWRENCEVILLE, Ga.—The spring car-buying market may be weaker than expected, a new report indicates.
Used vehicle values decreased slightly in April, according to Black Book.
The company’s Used Vehicle Retention Index for April decreased 1.1% (1.8 points) to 150.0 from March 2024 (151.8), which is 14.5% below where it was at the same time in 2023. The Index sits 31% above the March 2020 reading – the last pre-Pandemic month, Black Book said.
“Although wholesale prices increased across almost all segments and age buckets in April, seasonally adjusted retention index declined slightly last month, indicating that price gains were weaker than during a typical spring market,” Alex Yurchenko, chief data science officer at Black Book, said in a statement. “The wholesale market picked up more steam in April with both improved sales rate and sold volume. In addition, vehicles were moving much faster off dealers’ lots (as measured by days-to-turn) as average listing price declined last month.”
How Values are 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.
To obtain a copy of the latest Black Book Wholesale Value Index, click here.
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