According to Black Book data, the average price of a used vehicle for model years 2010-2014 declined 1.6% during January. Cars declined 1.7% while trucks declined 1.5% during the month.
For the second straight month, Sub-Compact Luxury Crossovers led all vehicle segments with the highest depreciation on the month at minus 4.0%. Vehicles in this segment include the Buick Encore, BMW X3, and Audi Q3.Vehicles in this segment entered February with an average segment price of $17,314, a 21% drop from a year ago ($21,963).
Two vehicle segments saw a monthly depreciation of 3.2% or greater, the Sub-Compact Luxury CUV’s, and the Compact Vans (-3.6%). Vehicles in the Compact Van segment include the Ford Transit Connect, Nissan NV 200 and Ram C/V. These vehicles finished the month with an average segment price of $10,101, a 22.8% drop from 2015 ($13,090).
Full-Size SUV’s led all segments with the lowest depreciation at -0.3%. Vehicles in this segment include Ford Flex, Volkswagen Touareg, Lincoln MKT, Chevrolet Traverse and the Mazda CX-9.
Vehicles in this segment finished January with an average segment price of $25,063, a minus 1.7% change from a year ago ($25,508).
“For the third straight month we have seen the lowest depreciation (-0.3%) of all segments in Full-Size Crossover /SUV’s,” said Anil Goyal, Senior Vice President, Operations for Black Book.
“This trend, combined with continued low gas prices, is a sign that larger vehicles may continue to demonstrate relative strength in their value throughout this year.”