Used Vehicle Prices Dip, Reflecting Broader Market Trends
Canadian used wholesale market prices continued their downward trend this week, with a -0.33% decrease for the period ending November 23, according to Canadian Black Book. This aligns with the previous week’s figures and the average for the same period from 2017-2019.
Car segment prices were down by -0.26% this week, a notable change compared to the prior reporting period’s -0.45%. Truck and SUV segments also saw a decline of -0.39%, mirroring the previous week’s performance.
“The Canadian market remains on a downward trajectory, with a decline less pronounced than in its previous week,” stated Canadian Black Book in its market update. “Fifty per cent of market segments experienced an average value change of more than ±$100. Among these, the decline in car segments decreased by 19% compared to the week prior.”
Segment-Specific Price Movements
The largest price declines were observed in the following segments:
- Compact Vans: Down -0.91%
- Mid-Size Cars: Down -0.43%
- Sports Cars: Down -0.39%
- Sub-Compact Cars: Down -0.33%
Within the car segment, prestige luxury cars (-0.06%), compact cars (-0.16%), and full-size cars (-0.17%) experienced the smallest price decreases.
In the truck and SUV sectors, the following segments saw significant price drops:
- Full-Size Crossovers/SUVs: Down -0.79%
- Full-Size Vans: Down -0.67%
- Minivans: Down -0.62%
- Mid-Size Luxury Crossovers/SUVs: Down -0.61%
Conversely, full-size luxury crossovers/SUVs saw a price increase of +0.19%.
Average Listing Prices and Economic Indicators
The 14-day moving average for used vehicle listing prices reached $34,330.
In related economic news, Canada’s annual inflation rate rose to 2% in October, up from 1.6% in September, exceeding market expectations of 1.9%. Preliminary estimates indicate that Canadian retail sales increased by 0.7% in October compared to September.
On Monday morning, the Canadian dollar held steady at $0.716, slightly up from $0.712 a week prior.
