After falling by 1.7% in April, used vehicle prices for units up to eight model years in age have continued to soften a bit through the first few weeks in May having declined by an average of 1.5%.
In terms of month-over-month declines, the steepest losses have been recorded in the compact car and mid-size car segments, which have slipped by averages of 2.7% and 2.6%, respectively. The compact utility, luxury utility, and mid-size utility segments all dropped as well, with losses essentially equal to the 1.5% total market decline. Luxury cars and mid-size vans are performing slightly better than the aforementioned segments, with prices falling by about one percent apiece.
Bucking historical seasonal trends, large pickup and large SUV wholesale prices have actually grown compared to what was recorded in April. So far in May, large pickup trucks have seen a 0.1% rebound in prices compared to the 0.6% decline recorded last month. Large SUVs are currently performing even better with prices having grown by 1.3% after a 0.5% decline last month.
Looking back one year to May 2012, large pickups and large SUV prices declined by 1.2% and 0.7%, respectively. It’s also important to mention that this is the second straight month that these two segments have outperformed all other segments in terms of wholesale price movement.