MCLEAN, Va., Aug. 22, 2018 /PRNewswire/ -- In the August 2018 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note the used vehicle market continued with the trend from June making the Seasonally Adjusted Used Vehicle Price increase by 1.1 point to reach 119.3. July's robust performance grew the index 4.7 points above the same period in 2017 and 4.8 points or 2.6% above January 2018's level.
Highlights from the free monthly report also point out:
- Wholesale Prices Decline in July
- Prices fall by an average of 0.5%
- Used Vehicle Price Index Increases
- Index rises 1 point to 119.3
- New Vehicle Sales Decline
- Sales fall 3.4%, new vehicle SAAR slips to 16.68
- Incentive Spending Increases
- Incentives grow for 40th straight month
"There are few drivers behind the overall strength of the used market," said David Paris, Executive Analyst at J.D. Power Valuation Services. "Two primary reasons are vehicle affordability and an increased focus on franchised dealer used vehicle operations. Much growth has been supported by an increase in 2015MY volume, thus making consumers have a slew of late-model cars, SUVs and trucks to pick from for at least 50% off their original MSRPs."
J.D. Power Valuation Services (formerly NADA Used Car Guide) 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.
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 profitability. 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 and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.
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SOURCE J.D. Power