MCLEAN, Va., Feb. 27, 2019 /PRNewswire/ -- In the February 2019 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note that the used vehicle market slowed once again in January, marking the fifth consecutive month of decline. As a result, the Seasonally Adjusted Used Vehicle Price Index declined by 2.7 points, relative to December, to 117.2. Despite the index's sharp decline, it currently sits 2.3% above January 2018's level.
Highlights from the free monthly report point out:
- Wholesale Prices Decline in January
- Prices down by an average of 2.5%
- Used Vehicle Price Index Down
- Index falls for 5th consecutive month to 117.2
- New Vehicle Sales Slow
- Sales fall 2.1%, SAAR reaches 16.6 M units
- Incentive Spending Declines
- Incentives decrease by 1.9% to $3,846 per unit
"We are expecting the used market to slow in 2019 with used prices forecasted to decline by 1 to 1.5%," said David Paris, Executive Analyst at J.D. Power Valuation Services. "There should be increases in used supply once again this year along with more volatile credit conditions and increasing gasoline prices with are expected to apply pressure on the used market."
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