LAWRENCEVILLE, Ga.—The average price of a used vehicle for model years 2013-2017 decreased slightly in value (-0.3%) during May, with cars changing -0.7% and trucks -0.1%, according to Black Book.
The latest numbers are trending better than May of last year, when two-to-six-year old vehicles declined in value by 1.2%. All vehicles are averaging a 12-month drop of 14.1%.
Despite the slight dip in total vehicle values last month, eight segments saw positive changes in May, led by sporty cars, up 1.1%. Vehicles in the sporty car segment include the Dodge Challenger, Chevrolet Camaro, Ford Mustang, BMW 1-Series, and the Mazda MX-5 Miata. Vehicles in this segment finished May with an average price of $11,779, a—3.9% change from a year ago, Black Book said.
Sub-compact crossovers finished with the next highest change in valuation on the month (second straight month as strongest positive change for trucks), increasing by 0.7% in May. Vehicles in the sub-compact crossover segment include the Buick Encore, Nissan Juke, Chevrolet Trax, Honda HR-V and the Jeep Renegade. Vehicles in this segment finished May with an average price of $10,698, a -13.8% change from a year ago.
Luxury Cars Depreciate Most
Luxury cars finished with the highest depreciation on the month at 1.6%. Vehicles in the luxury car segment include the Mercedes Benz E-Class, BMW 5 Series, Cadillac CTS, Lexus GS 350, Audi A6 and the Jaguar XF. Vehicles in this segment finished with an average price of $18,215, a -10.8% change from year-ago levels.
Three other segments finished the month with a depreciation rate of 1.1% during May: mid-size luxury CUV/SUV, prestige luxury cars, and near luxury cars.
“After a strong spring we are now beginning to see a higher depreciation pattern returning to many of the car and truck segments,” said Anil Goyal, executive vice president, operations at Black Book. “Unless demand driven by a strong economy continues to build, we expect the used vehicle market to begin seeing more depreciation as we get deeper into the summer months.”