SHOPSMART AUTOS – CUSTOMER INFORMATION – OCTOBER 17, 2021 (PT.1)
Used Car Prices Are Going Up … Again After 21 straight weeks of appreciation, it had looked like used car prices were finally returning to normal (aka depreciating). Following the 21 straight weeks of appreciation, we experienced seven straight weeks of declining used car prices. This is the expected behavior in the used car market, because used cars become less valuable as more miles are put on them, and new vehicles make it to market. However, as we’ve documented extensively in 2021, we’ve seen used cars, trucks, and SUVs appreciate considerably. The run of seven straight weeks of declines was short-lived. We’re now experiencing a reversal, and used car prices are increasing again. In this article we’ll break down the numbers and answer a few key questions such as; When is the best time to sell my used car to make the most money? When will used car prices go down again? And, how much higher will used car prices go?How fast are used car prices increasing?
To track the movements in used vehicle pricing we rely on data from BlackBook. BlackBook is an industry leader in providing vehicle valuations and data insights. They are a YAA partner and an industry authority. Within the car segment we can get more granular on the week over week wholesale price changes.
Car segment
Sporty cars are the anomaly here. Mid-size cars, compact cars, and sub-compact cars are leading the way in week over week price appreciation in the wholesale market. The seasonality that effects sports cars is likely at play right now (sporty car values typically increase in the spring and summer, and decrease in the fall and winter). We expect to see used sub-compact and compact car prices continue to increase at rapid rates. This is because they represent the only segment of vehicle that is still moderately “affordable” compared to full-size cars, trucks, or SUVs.
Truck and SUV segment
Similarly to the car segment, we see the greatest price increase among the sub-compact and compact segments. This is again because those vehicles are at lower price points, making them more attainable for a broader buying audience. Minivan prices are increasing at above average rates as well, and we expect that to continue. Minivans and full-size vans experienced truly remarkable appreciation earlier this year, and we would not be surprised to see that again.
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