This week, Canadian Black Book’s latest Market Insights update reveals that the used wholesale market experienced a decline in prices of -0.34% for the week ending on April 13 — close to the prior week’s -0.36%, though inching further from the 2017-2019 average of -0.08%.
The car segment fell by -0.38% compared to the previous week’s -0.28%, while truck/SUV segment prices were down 0.30% — less than the prior week’s -0.43%. Two out of 22 segments’ values increased for the week: mid-size luxury crossovers/SUVs (+0.18%) and sports cars (+0.03%).
In the car category, the most significant decline was shown in prestige luxury cars (-1.12%), followed by compact cars (-1.19%). Only one segment showed an increase in pricing and that was sports cars (+0.03%), trailed by premium sports cars (-0.07%) and luxury cars (-0.08%).
For trucks/SUVs, sub-compact crossovers (-0.89%) experienced the largest decline followed by full-size pickups (-0.76%), while compact vans and full-size crossovers/SUVs shared the same decrease (-0.67%). Only one segment had an increase and that was mid-size luxury Crossover/SUV (+0.18%).
The average listing price for used vehicles, as per the 14-day moving average, was approximately $34,500. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots, according to CBB.
Other updates from CBB include that wholesale sales in Canada were flat month-over-month at $82.2 billion in February 2024. The Canadian dollar hovered around $0.725 on Monday morning, down from $0.735 the prior week. And the overall United States market, although still experiencing growth, is seeing a noticeable deceleration in the pace of these gains.
CBB also said a “growing number of segments are beginning to see a reversal into negative trends.”
The full report is available here.
dealer, C. auto, & Lefko, P. (2024, April 17). Used vehicle prices down -0.34%, two segment values up. Canadian Auto Dealer. https://canadianautodealer.ca/2024/04/used-vehicle-prices-down-0-34-two-segment-values-up/