There’s been a bit of an up and down with Canadian used wholesale market prices, with declines ranging from steep to less steep. Last week was notable at -1.06%, but this week the decline in prices is -0.51% for the period ending on Jan. 13, 2024.
The 2017-2019 average of the same week was -0.36%. The car segment fell by -0.59% this past week (compared to the prior week’s -0.67%). And truck/SUV segment prices were down -0.42% (compared to the previously steep -1.45%). Not a single segments’ values increased for the week.
“The Canadian market continued to decrease, with declines around 50% more than the historical average,” said Canadian Black Book in its latest Market Insights report. “Supply is building with decreasing demand for vehicles at auction on both sides of the border.”
In the United States, the overall car and truck segments decreased -0.63% last week and -0.68% the prior week. The volume-weighted car segments were down -0.39% (versus the previous -0.49%), while trucks decreased by -0.73% (compared to the prior week’s -0.77%).
In the Canadian market, and specifically the car segment, luxury cars showed a minimal decline (-0.02%) in pricing, along with premium sports cars (-0.33%). The most significant decrease came from compact cars (-1.11%), followed closely by prestige luxury cars (-1.01%).
For trucks/SUVs, the largest declines were sub-compact crossovers (-1.74%), sub-compact luxury crossovers (-1.23%) and minivans (-1.03%). As for the smallest decreases, the segments worth noting include full-size vans (-0.09%) and compact vans (-0.12%).
The average listing price for used vehicles, as per the 14-day moving average, was approximately $37,600. The analysis is based on approximately 210,000 vehicles listed for sale on Canadian dealer lots, according to CBB.
The full report is available here.
dealer, C. auto, dealer, C. auto, & Lefko, P. (2024, January 17). Used car market price declines still more than historical average. Canadian Auto Dealer. https://canadianautodealer.ca/2024/01/used-car-market-price-declines-still-more-than-historical-average/