McLEAN, Va., May 21, 2019 /PRNewswire/ -- In the May 2019 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note April's result was significantly stronger than how the period typically performs and marked the second consecutive month of used price increases. As a result, the J.D. Power Valuation Services' Seasonally Adjusted Used Vehicle Price Index increased by 2.5 points – relative to March – to 119.9.
Highlights from the free monthly report point out:
- Wholesale Prices Increase in April
- Prices up by an average of 1.4%
- Used Vehicle Price Index Grows
- Index reaches 119.9
- New Vehicle Sales Decline
- New sales down 5.6%, SAAR reaches 16.43M
- Incentive Spending Declines
- Incentive spending per unit fell 6.8% to $3,561
"In terms of full-year 2019 expectations, the used market is expected to remain relatively flat relative to 2018," said David Paris, Executive Analyst at J.D. Power Valuation Services. "Prices for vehicles up to 8 years in age are forecast to decline by 0.1% and as new vehicle prices rise, and affordability concerns increase, consumers will continue turning to used vehicles. Even with increasing levels of used supply, healthy consumer appetite for used vehicles will help bolster values."
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