MCLEAN, Va., Aug. 15, 2017 /PRNewswire/ -- Analysts at J.D. Power Valuation Services note in their August 2017 Used Car and Light Truck Guidelines Industry Update that July's wholesale depreciation declined by an average of 2 percent, matching historical trends.
- Highlights from the free monthly report also point out:
- The J.D. Power Used Vehicle Price Index fell slightly.
- Index slipped by 0.7 percent to 110.4.
- New vehicle deliveries disappointed the automotive industry once again.
- Sales declined by 7.1 percent and the new vehicle SAAR reached 16.69M.
- Incentive spending continued its upward trend.
- Incentives increased for the 28th month in a row.
David Paris, executive analyst at J.D. Power Valuation Services said, "The market is behaving exactly the way we forecasted last month, based off historical averages from the past 5 years. Essentially, what we're seeing is a consistent chipping away of prices each month, which has our index down 7.1 percent through July when you compare it July of 2016."
Paris went on to say, "This August, we forecast wholesale prices of vehicles up to 8 years in age to drop about 2.6 percent, which would be the same as August 2016. For the year, we believe used prices will decline by 6.5 percent, which is 2.5 points worse than 2016's 4 percent loss."
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profit. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments firm headquartered in London, and is led by its four founders; Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.
J.D. Power recently acquired NADA Used Car Guide (now J.D. Power Valuation Services), which is a leading provider of vehicle valuation products and services to businesses. The team collects and analyzes more than 1 million automotive and truck wholesale and retail transactions per month, and delivers a range of guidebooks, auction data, analysis and data solutions.
Ryan Morris | J.D. Power Valuation Services | 202-826-4029 | [email protected]
SOURCE J.D. Power