Used Cars Add to Hot Streak
Black Book’s November Used Vehicle Retention Index finds value and demand have pushed pre-owned prices skyward for the seventh month in a row.
Subcompact cars such as the Honda Fit enjoyed a 0.6% increase in average retained values in Black Book’s November report.
Photo courtesy American Honda Motor Co. Inc.
LAWRENCEVILLE, Ga. — Black Book (div. Hearst) released its Used Vehicle Retention Index for November, registering a 116.5. That’s a 0.2% gain from October, when the index stood at 116.3, and seventh consecutive month increase since May (112.0).
Remarkably, Black Book analysts have reported only one monthly decline this year, when the index registered 113.3 in February and fell to 112.0 in March. Midsize luxury crossovers and SUVs led all categories with a 0.8% increase, followed by subcompact cars (0.6%) and midsize and premium sporty cars (both 0.5%).
“Cars and sedans continue to outperform many truck segments in the Index, as many used-car models offer great value for shoppers looking for affordable alternatives to new cars that are offered at high sticker prices with increasing interest rates,” said Anil Goyal, executive vice president of operations at Black Book. “December is always an interesting month as aggressive deals are offered to reach year-end sales goals, but by January we will again begin to prepare for the spring tax-selling season.”
To read the report in its entirety, click here.
Originally posted on Auto Dealer Today
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