The used vehicle market is doing quite well, according to new J.D. Power data. This is especially true for passenger cars.
In the August 2018 Used Car and Light Truck Guidelines Industry Update, analysts at J.D. Power Valuation Services note the used vehicle market continued with the trend from June making the Seasonally Adjusted Used Vehicle Price increase by 1.1 point to reach 119.3.
July’s robust performance grew the index 4.7 points above the same period in 2017 and 4.8 points or 2.6% above January 2018’s level.
“There are few drivers behind the overall strength of the used market,” said David Paris, Executive Analyst at J.D. Power Valuation Services. “Two primary reasons are vehicle affordability and an increased focus on franchised dealer used vehicle operations. Much growth has been supported by an increase in 2015 model year volume, thus making consumers have a slew of late-model cars, SUVs and trucks to pick from for at least 50% off their original MSRPs.”
J.D. Power Valuation Services (formerly NADA Used Car Guide) is a 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.
Find out more at www.jdpower.com.