Particularly hard hit, as usual, are those vehicles - mostly 1999 lease terminations
or 2001 program cars - coming back into the market in large numbers. Jeep Grand
and Ford Explorers are examples of SUVs that have softened significantly. Even some of those imports that seem to be immune to dips in the market - Accords and Camrys for instance – are getting a glimpse of how the other half lives as the high volume of vehicles they need to remarket is eroding their value at an accelerated pace. If a manufacturer does not offer a program to support those vehicles being remarketed in large quantities, pricing suffers. From a consumer’s standpoint, there are some excellent values available in used vehicles.
With the exception of high volume rentals, most convertibles and sport-coupes remain strong. The value of BMW 3-series convertibles, in particular 2000 and 2001 model years, borders on the ridiculous. Mercedes SL series have rebounded from their mid-winter doldrums and are once again a hot item. Corvettes, Mustang GTs, Camaros and Firebirds continue to sell well if not spectacularly.
Pick-ups and Vans seem to have softened generally and where once just about any pick-up was special because of an overall lack of supply, that is no longer the case. Unless they are unusual by virtue of mileage, condition, or equipment, they suffer from the same market indifference as everything else. Of course Honda Odysseys continue to be the exception.
We don’t expect the supply and demand situation to change in the near future, which means that the current market conditions should continue for a while.