LAWRENCEVILLE, Ga.—A new report indicates that Americans prefer trucks more than they do luxury cars, as pickups continue to hold their used value better than any other vehicle class.
According to Black Book’s latest data, in the last year the value of domestic trucks (model years 2009-2013) have fallen 8.4%, while a used prestige luxury car’s price dropped by 18.8%.
In that same period, import trucks are down 10%, domestic cars are off 14.7%, and the average for the overall used car market declined 11.6%, Black Book reports.
Looking at monthly numbers, the average price of a used vehicle for model years 2009-2013 depreciated by an average of -1.2% during February, the same level as the previous month. Domestic cars changed -0.9%; import cars changed -1.5%; domestic trucks changed -0.8%; and import trucks changed -1.1%. Average pre-recession annual depreciation was continually recorded between -15% and -18%, and Black Book expects 2015 depreciation near -14.5%.
Compact SUVs led the month with the strongest retention at +0.9%, and the only segment with positive change.
Trucks finished the month with seven of the eight best-performing segments, with the upper mid-size cars as the lone car segment finishing third-best overall with a -0.3% change.
“Perhaps the colder weather patterns helped heat up the sport utility vehicle and truck segments during February, as we saw great strength in SUVs and crossovers,” said Ricky Beggs, editorial director at Black Book. “Furthermore, while overall depreciation finished at -1.2% on the month, there are segments we feel could turn more positive due to spring type activity and continuing economic improvement. Also, some of the typical tax season cars might have reached their peak earlier in the calendar than last normal seasonal patterns.”