Spring is in full swing, and not only because Easter Sunday was just celebrated. Wholesale values are rising for almost every vehicle category Black Book tracks — except one.

And dealership staff probably doesn’t need too many guesses to pinpoint the one going counter to last week’s overall value rise of 0.39% that Black Book reported.

“The lone area not mirroring this positive trend is the used electric vehicle sector, which persists as the market’s current under performer, with high no-sale rates and declining values,” analysts said in the newest installment of Market Insights released on Tuesday.

“Market momentum is accelerating, evidenced by a 0.39% increase in values from last week. Auction activity is bustling, characterized by strong conversion rates and vigorous bidder participation,” Black Book said in the report.

On a volume-weighted basis, Black Book indicated overall car values moved 0.33% higher, with eight of the nine car segments increasing last week.

Analysts noticed that car prices strengthened no matter the vehicle’s age as values for units up to 2 years old rose by 0.24% and 8- to 16-year-old cars appreciated by 0.21%.

The one car to soften in price, according to Black Book, were prestige luxury cars, which dropped by 0.50%. Why?

“A notable factor in this heightened rate of depreciation was the decline in the value of the Tesla Model S,” analysts said.

Meanwhile, analysts noticed prices for more affordable midsize cars jumped 0.71%, marking the segment’s largest single week gain in a year.

Turning to trucks, Black Book saw overall truck values nearly triple their price gain from a week earlier, as the volume-weighted data showed an increase of 0.41% last week.

A week earlier, truck values ticked up by 0.15%, according to Black Book.

Prices for newer trucks and SUVs are climbing faster, as analysts said units up to 2 years old rose by 0.27%. Black Book said values for trucks 8- to 16-years-old increased by 0.14% on average.

Black Book reported 12 of the 13 truck segments generated value increases last week, paced by the full-size crossover/SUV category jumping 0.91%. Analysts pointed out that’s the largest single-week increase for those units since spring 2021.

After just a modest rise of 0.02% a week earlier, Black Book noticed that prices for full-size pickup increased 0.31%.

Now that March and whatever industry madness is passed, Black Book is looking ahead toward the rest of the spring market.

“As we come to the end of March, the wholesale market is experiencing a seasonal uplift, which is typically marked by increased activity in vehicle sales both for trucks and cars,” Black Book said. “The high auction conversion rates indicate strong demand, and the slight rise in inventory could be a response to this climbing interest among buyers.

“On the other hand, the continued decline in the valuation of electric vehicles presents a contrasting trend within the market,” analysts continued. “The reasons for this decline could be multifaceted, potentially including market saturation, changes in consumer preference, shifts in government incentives, or other economic factors.

“As always, our team analysts is focused on keeping their eye on the market for development trends and gathering insight,” Black Book concluded.