McLEAN, Va., April 19, 2019 /PRNewswire/ -- In the April 2019 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note that after six consecutive months of declines, the used vehicle market bounced back in March. As a result, the J.D. Power Valuation Services' Seasonally Adjusted Used Vehicle Price Index increased by 1.1 points – relative to February – to 117.5. March's positive result comes after weaker than usual January and February 2019 performances.
Highlights from the free monthly report point out:
- Wholesale Prices Increase in March
- Prices up by an average of 2.7%
- Used Vehicle Price Index Grows
- Index reaches 117.5
- New Vehicle Sales Struggle
- New sales down 2.2%, SAAR reaches 17.48M
- Incentive Spending Declines
- Incentive spending per unit fell 5.2% to $3,799
"In terms of full-year 2019 expectations, the used market is expected to slow in 2019," said David Paris, Executive Analyst at J.D. Power Valuation Services. "As a result, prices are forecast to fall by around 2%. Increasing levels of used supply along with more volatile credit conditions and increasing gas prices, which are expected to apply downward pressure on the used car 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