LAWRENCEVILLE, Ga.—The used car market is heating up early this year.
Black Book reported the used car market is recovering more quickly than normal, a sharp contrast to the used market late in 2019.
Used values typically strengthen in the Spring.
“The used market is hot already in this unusually warm weather in January, so far,” said Anil Goyal, executive vice president, operations at Black Book. “The buyers are eager to stock up, resulting in an early market recovery after steeper depreciation late last year.”
As CUToday.info reported, the depreciation rate on used vehicles spiked at the close of 2019.
Volume-weighted, overall car segment values remained flat last week. In comparison, the market values were down by 0.46% on average during the prior four-week period, Black Book said.