Used vehicle market performed well in April

The latest used car industry review by J.D. Power finds April was a strong month, the second consecutive month of used price increases.

Consequently, the J.D. Power Valuation Services' Seasonally Adjusted Used Vehicle Price Index is up by 2.5 points at 119.9 compared to March.

Additionally, the May 2019 Used Car and Light Truck Guidelines Industry Update, says wholesale prices in April are up by an average of 1.4 percent. On the other hand, new vehicle sales declined 5.6 percent, SAAR reached 16.43 million, and Incentive Spending per unit fell 6.8 percent to $3,561.

“In terms of full-year 2019 expectations, the used market is expected to remain relatively flat relative to 2018,” said David Paris, executive analyst at J.D. Power Valuation Services. “Prices for vehicles up to 8 years in age are forecast to decline by 0.1 percent and as new vehicle prices rise, and affordability concerns increase, consumers will continue turning to used vehicles. Even with increasing levels of used supply, healthy consumer appetite for used vehicles will help bolster values.”

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