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Used Vehicle Values Continue to Ease into the Slow Lane

LAWRENCEVILLE, Ga.—Used vehicle values continued to decline in July, reported Black Book.

Last month the company’s Used Vehicle Retention Index decreased 1.1% (1.6 points) to 145.0 from June 2024 (146.6), which is 15.2% below where it was at the same time in 2023. The Index sits 26.5% above the March 2020 reading – the last pre-pandemic month.

Black Book Index

“In July, the Black Book Retention Index continued its decline that began in April, driven by greater-than-expected depreciation in wholesale values,” Laura Wehunt, vice president of analytics at Black Book, said in a statement. “Although auction conversion rates were strong, staying in the high-50% range, the retail market saw an increase in days to turn, starting at 45 days at the beginning of the month and rising to 52 days by the end.”

How Values are Calculated

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.

Click here to obtain a copy of the latest Index data.

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