LAWRENCEVILLE, Ga.—In what may be a bad sign for used values as the holiday season arrives, used car prices showed a big drop last week, Black Book reports.
“Used vehicle values dropped steeply last week with broad declines across all segments. The buying sentiment was very negative in auto auctions across the nation,” said Anil Goyal, executive vice president, operations.
Volume-weighted, overall car segment values decreased by 1.32% last week. In comparison, the market values were down by 0.55% on average during the prior four-week period.
In cars, the values of near luxury cars declined the most.
Volume-weighted, overall truck segment, including pickups, SUVs, and vans, values decreased by 0.99% last week. In comparison, the market values were down by 0.63% on average during the prior four-week period, Black Book said.
In trucks, the values of small pickups declined the most.