LAWRENCEVILLE, Ga.—After two months of declining values, used car prices have once again headed upward, Black Book reports.
Black Book’s Used Vehicle Retention Index for June increased to 191.5 points, a 2.8-point (or 1.5%) gain.
The Index currently stands 15% above where it was at the same time in 2021 and 67% above March 2020, pre-pandemic.
“Wholesale prices continued to increase in June for the two-eight-year-old vehicle segments that comprise Black Book’s Retention Index” said Alex Yurchenko, chief data science officer at Black Book. “Softening demand due to uncertain future macroeconomic prospects did not prevent wholesale prices from increasing at the beginning of the summer.
‘Actively Bidding’
“Available new vehicle inventories are increasing, but new sales are not recovering to a pre-COVID level,” continued Yurchenko. “Dealers and some rental companies are actively bidding for the vehicles, causing the demand on the wholesale market to remain strong even while retail market is seeing a slowdown.”
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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