LAWRENCEVILLE, Ga.—The value of used domestic cars dropped 10% over last three months, according the latest Black Book data.
Domestic cars are highlighting the typical accelerated depreciation typically felt entering the fourth quarter, Black Book stated. Over the last three months, domestic cars have dropped 9.9% in value, averaging more than -3.0% per month over that time.
Turning to last month’s data, the average price of a used vehicle for model years 2011-2015 depreciated by 2.9% in October, a noticeable single-month change from the -2.3% change during September. Cars overall saw lower retention in October, ending the month at -3.2% compared with –2.6% in September. Trucks, as a whole, finished at -2.6% in October. All vehicles are currently averaging a 12-month depreciation change of -16.8%.
In October, compact cars saw the highest drop in value at -3.6%. Vehicles in the Compact Car segment finished October averaging $8,393, a—
19.8% change from a year ago ($10,464).
Small pickups saw the strongest retention in value, dropping just 0.6% from the previous month. Trucks in the small pickups category finished October averaging $19,383, a -8.1% change from a year ago ($21,085).
Sporty cars have dropped 10.2% in value over the last three months. However, sub-compact crossovers have also dropped 10.1% during that span.
“We expect pockets of vehicles to see accelerated depreciation as the year comes to a close,” said Anil Goyal, senior vice president of automotive valuation and analytics at Black Book. “Most car segments certainly fall into this category, but we’ll be paying special attention on those truck and utility segments that begin to show higher depreciation.”