Declines in prices for the Canadian used wholesale market is less than the prior week — including for the overall car and truck/SUV segments, according to Canadian Black Book’s latest report covering the week ending on May 25.
The market was down -0.23% this time, compared to the previous week’s -0.38%. The overall car category fell -0.33%, which is slightly less than the prior period’s -0.35%. And truck/SUV segment prices were down -0.14%, a decline that is less steep than the -0.40% of the prior week. No segments experienced an increase in values for the week.
“The Canadian market continued to decrease, with declines that (were) less than the prior week,” said CBB in its update. “Supply is building with stable demand for vehicles at auction on both sides of the border.”
In the United States, CBB said the market continues to report “normalcy,” with overall declines on-pace with pre-pandemic behaviour. “However, the trends aren’t one size fits all, with the trends of auction inventory and conversion rates varying from lane to lane, depending on the seller’s strategy and offered inventory.”
Back in Canada, premium sports cars experienced the least declines with -0.04%, followed by sports cars at -0.13% and near luxury cars with -0.18%. The most notable decrease came from luxury cars (-0.88%), followed by compact cars (-0.58%) and sub-compact cars (-0.55%).
As for trucks/SUVs, CBB said the segments with the most notable depreciations were full-size luxury crossovers/SUVs (-0.29%) and compact crossovers/SUVs (-0.26%). In addition, three categories showed no change in pricing: sub-compact luxury crossovers, minivans, and sub-compact crossovers.
The average listing price for used vehicles, as per the 14-day moving average, was around $33,900.
The full report is available here.
dealer, C. auto, & Phillips, T. (2024, May 28). Used market price declines less intense as supply builds. Canadian Auto Dealer. https://canadianautodealer.ca/2024/05/used-market-price-declines-less-intense-as-supply-builds/