Although shoppers continue to flock toward pricier trucks and SUVs, steadily rising gas prices are beginning to stimulate consumer demand and increase residual values for smaller vehicles.
The 2.2% decline in wholesale prices of vehicles up to eight years in age was right in line with average losses recorded for the month over the past five years, J.D. Power Valuation Services reported this week. However, the firm’s Seasonally Adjusted Used Vehicle Price Index was significantly lower than a year ago.
Both cars and trucks realized a healthy seasonal boost in wholesale performance last week, with both segments retaining their values better than they have in the past six months.
February provided “further concrete evidence of softening” of used-vehicle prices, ADESA's Tom Kontos wrote in his monthly Kontos Kommentary.
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