McLEAN, Va., July 18, 2019 /PRNewswire/ -- In the July 2019 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note the used vehicle market performed strong over the first half of 2019. Specific to June, the market cooled, however, the month's performance was better than historic June figures. As a result, the J.D. Power Valuation Services' Seasonally Adjusted Used Vehicle Price Index increased by 1.3 points – relative to May – to 122.0.
Highlights from the free monthly report point out:
- Wholesale Prices Decline in June
- Prices down by an average of 0.8%
- Used Vehicle Price Index Grows
- Index reaches 122.0
- New Vehicle Sales Slow
- New sales down 1.9%, SAAR reaches 17.29M
- Incentive Spending Increases
- Incentive spending per unit grows 2.2% to $3,967
"Prices this year were initially expected to contract slightly due to increases in used supply, interest rates, tighter credit conditions and pressure from new vehicle incentives due to a slowdown in retail sales," said David Paris, Executive Analyst at J.D. Power Valuation Services. "Several of these variables have surprised the industry with interest rates and incentive spending remaining relatively flat. These factors, coupled with a continuation of used vehicle demand, will ultimately result in used price performance that will end up slightly outperforming 2018."
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 has offices serving North America, South America, Asia Pacific and Europe.
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SOURCE J.D. Power