LAWRENCEVILLE, Ga.—Used vehicle prices continued to decline in August, Black Book is reporting.
The company’s Used Vehicle Retention Index decreased 2.9% (5.4 points) last month to 184.0 from July. This is the lowest the Index has been since October 2021 and currently stands 11% above where it was at the same time in 2021 and 61% above March 2020, pre-pandemic.
“Wholesale prices for the two-eight-year-old vehicle segments that comprise Black Book’s Retention Index accelerated their decline in August,” said Alex Yurchenko, chief data science officer at Black Book. “During August, we saw all but one (sub-compact car) segment level indices decreasing in value, with luxury segments dropping the most. Black Book expects prices to continue to decline in the last four months of this year.”
The company said its 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.
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