LAWRENCEVILLE, Ga.—Used vehicle values increased in March, in line with the spring buying season, Black Book is reporting.
Black Book’s Used Vehicle Retention Index for March increased 0.9% (1.3 point) to 151.8 from February 2024 (150.5), which is 13.6% below where it was at the same time in 2023.
The Index sits 32% above the March 2020 reading – the last pre-pandemic month.
“We are observing a stronger spring used auto market in terms of prices and wholesale activities this year,” Alex Yurchenko, chief data science officer at Black Book, said in a statement. “Used wholesale prices have been increasing at rates above normal levels across most segments and age buckets since early March. Additionally, wholesale channel volumes and conversion rates saw increases last month. During the first quarter of this year, we observed a return to some normalcy even in the face of some headwinds in the used and new market – buildup of new inventory, increased incentives, improved retail and commercial sales, and more active wholesale used market.”
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.
Click here for the report.
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