LAWRENCEVILLE, Ga.—In a sign that overall year-over-year depreciation continues to accelerate, the first quarter of 2016 saw vehicle depreciation of 3.6%, compared with 0.6% during the same time in 2015, Black Book reports.
However, the spring buying season buoyed values somewhat in March. The average price of a used vehicle for model years 2010-2014 declined 0.9% during March. Cars declined 0.4% and trucks declined 1.3% during the month.
Full-size vans led all vehicle segments with the highest depreciation on the month at just 2.2%. Vehicles in this segment entered April with an average segment price of $19,042, a 11.7% drop from a year ago ($21,573).
One segment saw zero depreciation for the month and three segments increased in value. Sub-compact crossovers saw the value unchanged during March. Sub-compact crossovers ended March with an average segment price of $12,218, the same price the segment saw at end of February.
Full-Size Cars increased 0.7% in value during March, the best-performing segment during the month. In February, full-size cars had an average segment price of $12,674. The segment finished March with an average price of $12,768.
Sporty cars also saw and increase (0.6%) in segment value during March. The segment’s average price increased from $13,818 in February to $13,989 in March.
Compact cars also saw and increase (0.6%) in segment value during March. The segment’s average price increased from $8,202 in February to $8,247 in March.
“While this is the time of year when values see noticeable strength, it’s very apparent that this year’s spring market isn’t as strong as it has been the last few years,” said Anil Goyal, senior vice president of automotive valuation and analytics for Black Book. “More than ever, it’s important for dealers and remarketers to pay close attention to the data to spot the trends that can shape their inventory strategies for the remainder of the year.”