LAWRENCEVILLE, Ga.—Used vehicle values declined slightly in May, according to a new report from Black Book.
The company’s Used Vehicle Retention Index for May decreased -0.1% (0.2 points) to 175.4 from April 2023 (175.6), which is 7.1% below where it was at the same time in 2022.
“In May, wholesale prices declined at the seasonally appropriate rate, hence Black Book's seasonally adjusted Used Vehicle Retention Index remained essentially flat.,” said Alex Yurchenko, chief data science officer at Black Book. “As consumer confidence remains low, the days-to-turn measure remained high and used inventory increased by the end of the month. With the expected continued decline of used wholesale and retail prices through the summer, we expect the demand for used vehicles to improve even with the uncertainty in the larger economy.”
How Values are Calculated
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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