MCLEAN, Va., Nov. 21, 2018 /PRNewswire/ -- In the November 2018 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note that after decelerating in September, the used vehicle market slowed for the second consecutive month in October. As a result, the Seasonally Adjusted Used Vehicle Price Index decreased by 1 point, relative to September, to 120.6.
Highlights from the free monthly report point out:
- Wholesale Prices Decline in October
- Prices down by an average of 3.1%
- Used Vehicle Price Index Slips
- Index declines 1 point to 120.6
- New Vehicle Sales Inch Up
- Sales remain relatively flat, new vehicle SAAR reaches 17.46 million
- Incentive Spending Decline
- Incentives decline for the second time since April 2015
"Wholesale prices of used vehicles up to 8 years in age declined by an average of 3.1% in October, which was right in line with the period's previous five-year average decline of 3%," said David Paris, Executive Analyst at J.D. Power Valuation Services. "As expected, there wasn't any noticeable strengthening in wholesale prices for the October period due to hurricane replacement demand."
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