LAWRENCEVILLE, Ga.—Falling gas prices continue to drive heavy depreciation on small cars, Black Book reported.
The latest drop in gas prices has even hit sub-compact crossover values hard, the company said.
Out of all vehicle categories within the car segment, sub-compact cars declined the most, dropping 0.68% this past week, Black Book reported.
“The smallest vehicles, including sub-compact cars, sub-compact crossovers, and sub-compact luxury crossovers, have experienced heavier depreciation levels as gas prices remain low,” said Anil Goyal, senior vice president of automotive valuation and analytics.
Volume-weighted, overall car segment values decreased by 0.35% last week, slightly lower than the average weekly decrease of 0.39% in values over the previous four weeks.
Sub-compact cars, mid-size cars, prestige luxury cars and compact car segments declined the most by 0.68%, 0.53%, 0.50% and 0.48%, respectively.
Volume-weighted, overall truck segment (including pickups, SUVs and vans) values decreased by 0.23% last week, similar to the average weekly decrease of 0.24% in values over the previous four weeks.
Sub-compact luxury crossover and compact van were the worst performing truck segments while pickup trucks values remained flat last week, Black Book reported.