Used Vehicle Market Posts Solid May Performance, J.D. Power Finds
MCLEAN, Va., June 14, 2019 /PRNewswire/ — In the June 2019 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note after abnormally strong March and April performances, the used vehicle market cooled slightly in May, although the month’s performance was better than historic May figures. As a result, the J.D. Power Valuation Services’ Seasonally Adjusted Used Vehicle Price Index increased by 1.2 points – relative to April – to 121.0.
Highlights from the free monthly report point out:
- Wholesale Prices Decline in May
- Prices down by an average of 0.7%
- Used Vehicle Price Index Increases
- Index reaches 121.0
- New Vehicle Sales Decline
- New sales down 0.5%, SAAR reaches 17.31M
- New Inventory Declines
- Month-end days’ supply reduced by 12 days to 64
«Looking forward to full-year expectations, used prices for vehicles up to 8 years in age are slated to increase slightly,» said David Paris, Executive Analyst at J.D. Power Valuation Services. «As new vehicle prices rise, and affordability concerns increase, consumers will continue turning to used vehicles and other alternatives to their new counterparts. Even with increasing levels of used supply, healthy consumer appetite for used vehicles will help keep used values strong.»
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