MCLEAN, Va., May 23, 2017 /PRNewswire/ -- Used Vehicle analysts at J.D. Power Valuation Services note in their May 2017 Used Car and Light Truck Guidelines Industry Update that wholesale prices declined last month by an average of 1.5 percent.
Major findings in the free monthly report also point out:
- The used vehicle price index fell in April by 0.4 percent.
- Index sits at 109.9.
- New vehicle deliveries fell once again.
- Sales declined 4.9 percent, while the daily sales rate dropped 1.2 percent.
- Incentive spending grew by a double-digit average.
- Spending per-unit increased 13.6 percent.
- Wholesale prices declined in April.
- Prices fell by an average of 1.5 percent
When asked about what flattening prices mean for the used commercial truck market, David Paris, senior market intelligence analyst at J.D. Power Valuation Services said, "The 1.5 percent drop in pricing is in line with what we forecasted last month."
Paris went on to say, "While April's losses were consistent with historic norms, the used market continues to experience negative pressure from a struggling new market. Looking beyond, we expect a 1 percent price decline in May [of 8-year-old or younger vehicles], while in June we forecast prices to fall by about 2 percent across the board. Prices are still expected to decline by about 6 percent for the year as a whole."
J.D. Power Valuation Services
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J.D. Power Valuation Services (formerly NADA Used Car Guide) is a leading provider of vehicle valuation products, services and information to businesses. Its team collects and analyzes over 1 million combined automotive and truck wholesale and retail transactions per month, and delivers a range of guidebooks, auction data, analysis, and data solutions. J.D. Power acquired NADA Used Car Guide in 2015, forming a powerful combination that brings the automotive industry rich data sets, strong analytics and over 130 years of market experience. Residual Values is the first product to be launched by J.D. Power Valuation Services. Learn More: www.jdpower.com/about-us/press-release-info
SOURCE J.D. Power