Slipping again, the Canadian used wholesale market saw a decline in prices of -0.38% for the week ending on May 18, compared to the prior week’s -0.28%.
That is according to Canadian Black Book’s Market Insights report, which also revealed the car segment was down -0.35% (compared to last week’s -0.20%), while truck/SUV segment prices declined -0.40% (compared to the prior period’s -0.35%). One segment saw an increase in values for the week and that was full-size luxury crossovers/SUVs — at +0.15%.
In the United States, an acceleration in the rate of decline was observed for the overall market last week, with only two segments reporting a decrease in value.
“Although there was some reduction in auction inventory, the volumes being sold by the larger sellers, especially in the OEM lanes, are reminiscent of those seen pre-COVID,” said CBB.
In Canada, the sports car category showed the least of declines with -0.08%, followed by premium sports cars at -0.18%. The most significant decrease came from sub-compact cars at -1.19%, followed by compact cars at -0.90% and mid-size cars at -0.26%.
For trucks/SUVs, the segments that experienced the most notable declines were compact vans (-1.26%), full-size pickups (-0.75%), sub-compact crossovers (-0.74%), and full-size crossovers/SUVs (-0.72%). However, as previously mentioned, one segment was up and that was full-size luxury crossovers/SUVs — at +0.15%.
The average listing price for used vehicles, as per the 14-day moving average, was $33,800. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots, according to CBB.
The full report is available here.
Lefko, P., dealer, C. auto, Lefko, P., & dealer, C. auto. (2024, May 22). Used vehicle prices down -0.38%; cars down further this week. Canadian Auto Dealer. https://canadianautodealer.ca/2024/05/used-vehicle-prices-down-0-38-cars-down-further-this-week/