The average price of a used vehicle for model years 2011-15 increased in value by 0.4 percent in April, according to Black Book.
Cars overall saw an increase in value by 0.7 percent versus trucks, which saw a 0.3 percent increase. All vehicles are averaging a 12-month depreciation change of 16.9 percent.
In April, sporty cars performed the strongest, increasing their value by 1.8 percent. Vehicles in this segment finished April with an average price of $13,355.
Only six vehicle segments depreciated in value in April: premium sporty cars, compact vans, full-size luxury CUV/SUV, full-size vans, subcompact crossovers and subcompact luxury CUVs. Of those vehicle categories, the full-size luxury CUV/SUV segment saw the most depreciation declining in value by 0.5 percent.
Carvana has announced its expansion into Chicago, the company’s first market in Illinois.
Carvana has delivered cars to customers in 47 states. With this launch, Carvana now offers free, as-soon-as-next-day delivery to residents in 25 markets.
The NFIB Index of Small Business Optimism posted another historically high reading in April, but expectations for future business conditions plunged by eight points.
Small business owners reported a seasonally adjusted average employment change per firm of 0.19 workers per firm. Fourteen percent reported increasing employment an average of 2.2 workers per firm and 10 percent reported reducing employment an average of 3.5 workers per firm (seasonally adjusted).
Fifty-five percent reported hiring or trying to hire, but 48 percent reported few or no qualified applicants for the positions they were trying to fill. Sixteen percent of owners cited the difficulty of finding qualified workers as their single most important business problem, far more than were concerned with weak sales.
The latest Used Vehicle Retention Index from Black Book showed a slight uptick to 113.1 for April from 113 in March.
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published wholesale average value on two- to six-year-old used vehicles, as a percent of original typically equipped MSRP. The index offers an accurate, unbiased view of the strength of today’s used wholesale market values.
Particularly among car segments, the month of April saw stronger-than-average vehicle value retention compared to the last few years.
Conversely, on the truck side, compact crossovers are beginning to see accelerated depreciation over the last several weeks.