LAWRENCEVILLE, Ga.—Used car prices continued their impressive run of strength in February.
After a surprisingly strong year for used values during a pandemic-wracked 2020, and a strong start to 2021, Black Book reports their Used Vehicle Retention Index for February hit a new high.
The company reports the Index reached 132.3, a 3.4 point (or 2.6%) increase from January (128.9).
“We continue to see tremendous strength of used car prices across all segments,” said Alex Yurchenko, SVP, data science and analytics at Black Book. “Fueled by the shortage of inventory at the wholesale market and issues with new vehicle production, prices continued to climb in February. The full-size pickup truck segment remained strong with its index increasing by 3.4 points and currently being 23% above its February 2020 level. The sporty car segment increased by 4.3 points and stands at 21% above 2020 levels.”
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, please click here.