LAWRENCEVILLE, Ga.—Used vehicle values continued their summer decline in July, with Black Book’s Used Vehicle Retention Index dropping 1.1% (1.6 points) to 146.5 from June 2025 (148.1), which is 1.0% above where it was at the same time in 2024.
“The wholesale market continued to experience accelerating declines throughout July, following a similar trend that began in June,” said Laura Wehunt, vice president of data and analytics at Black Book. “While seasonal depreciation is expected during this time of year, the pace of decline in July exceeded historical norms. Despite a 1.1% month-over-month drop in the Black Book Retention Index, the Index remains up 1% year-over-year, indicating overall strength relative to last year. We’re closely monitoring key performance indicators such as Days to Turn that are beginning to increase, while auction conversion rates are holding steady, consistently in the high-50% range.”
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition.
To obtain a copy of the latest Black Book Wholesale Value Index, click here.