Black Book acknowledged, “last week kicked off the Fourth of July holiday, bringing us into Q3, and the lanes were a lot slower than normal.”

Furthermore, analysts said rate of depreciation accelerated with wholesale values registering the largest single week decline since mid-March. Overall, wholesale values softened by 0.35%, which exactly matched the average decline analysts recorded during the same weeks in 2017 through 2019.

“Compact and full-size vans are still the anomaly for the market, as they are the only two segments to continue on their upward trajectory,” Black Book added in its latest installment of Market Insights Tuesday.

On a volume-weighted basis, Black Book indicated overall car segment decreased 0.20%, which was 9 basis points higher than a week earlier.

As gas prices are slowing dipping, so are compact car values, which ticked another 0.08% lower in Black Book’s database.

Analysts said the near-luxury car segment generated the largest value decline last week, sliding by 0.34%. Sporty car depreciations weren’t far off that pace, with Black Book noting they dropped by 0.29% after moving just 0.02% lower a week earlier.

Among trucks, Black Book noticed that its volume-weighted showed the overall truck segment decreased more than the entire market, declining by 0.43% last week, which was more than double the prior week’s downward movement of 0.16%.

Analysts indicated 11 out of the 13 truck segments reported value decreases, with those previously mentioned compact vans (up 0.22%) and full-size vans (up 0.14%) moving higher.

Notable price decreases involved subcompact crossovers (down 0.69%) and compact crossovers (down 0.68%). Black Book noted that values for full-size trucks dropped another 0.31%, too.

Black Book wrapped up the latest update by noting the estimated average weekly sales rate remained at 66%.

“There are still few model year 2022 vehicles popping up in the auctions, while older model years were making more of an appearance last week,” analysts said. “The large independent dealers and franchise dealers have still been active, but it looks like the smaller dealers are falling back, with the attendance of buyers lower than normal.

“Sellers are still holding tight to their floors with buyers not giving them the price they want, causing the estimated average weekly sales rate to continue the pattern of decreasing,” analysts continued. “The price of gas is starting to slowly come down, while diesel is still increasing.

“For the first time in a while, all car segments hit negative territory, with luxury, near luxury, sporty, and premium sporty cars having the steepest declines,” Black Book added. “When looking at the truck segments, compact and full-size vans were the only segments increasing, while compact, subcompact, and full-size crossovers and minivans had the steepest declines.

“Overall, the high declines could be attributed to the fact that it was a holiday week, but otherwise, we can see the market is starting to soften,” analysts went on to say.