Black Book Says Lack of New Models Is Keeping Used Mid-Size Pickup Prices High
Black Book issued a recent report on used mid-size pickup truck prices that noted that wholesale prices for these vehicles are strong, largely due to a lack of model options on the market.
Black Book’s report stated that although used vehicles depreciated 1.3 percent across all segments in June, the mid-size pickup truck category saw depreciation of only 0.7 percent for model years 2007-2011.
Next, when looking at the 12-month depreciation rate, the difference is more dramatic, according to Black Book’s figures. The company said used vehicles overall depreciated 13.7 percent during the last 12 months but that mid-size pickups only depreciated 5.1 percent during that period. When it comes to model-years, Black Book noted that 2010-MY mid-size pickups saw very low depreciation over the last 12 months, at only 3.7 percent.
Vehicles in the mid-size pickup category include the GMC Canyon and Chevrolet Colorado (both slated to see new versions sometime in 2014, according to statements by GM North America President Mark Reuss); the Dodge Dakota, and the Honda Ridgeline.
“Manufacturers shifted more production to the Fullsize Pickups during the last several years because of their profitability, versatility and improved fuel economy, and they have not replenished models that were discontinued,” said Black Book’s Senior VP Rick Beggs.
The chart below, courtesy Black Book, shows depreciation for the different mid-size pickup model-years.
|Vehicle||7/1/2012||6/1/2013||1M Chg||7/1/2013||3M Chg||12M Chg|
|5-Year Average Used||$20,428||$17,874||-1.30%||$17,636||-2.40%||-13.70%|
|5-Year Average MPT||$16,470||$15,733||-0.70%||$15,630||0.20%||-5.10%|
|2011 Model Year MPT||$21,088||$20,256||-0.30%||$20,188||0.20%||-4.30%|
|2010 Model Year MPT||$19,355||$18,745||-0.50%||$18,645||0.50%||-3.70%|
|2009 Model Year MPT||$16,579||$15,717||-0.60%||$15,625||-0.90%||-5.80%|
|2008 Model Year MPT||$14,604||$13,888||-0.90%||$13,758||0.60%||-5.80%|
|2007 Model Year MPT||$12,746||$12,071||-1.00%||$11,954||0.60%||-6.20%|