The Canadian Black Book Used Vehicle Retention Index remained strong in June at 106.1, which is around 31 points higher than the record low attained during the same period in 2010.
That being said, the average vehicle is also worth 31 per cent more than it was back then.
The June index has hit a record high for the month, up 3.1 per cent year-over-year and 0.3 per cent compared to the previous month. This is due in large part to a weak Canadian dollar and a strong demand from both the U.S. and Canada. These ingredients have created perfect conditions for market gains.
The sub-compact segment increased 9.5 points YOY, compact cars are up 7.3 points, and mid-size cars received a 5.2-point boost.
“When we peel the index onion back a little it is interesting to note that it is sedans that are pulling the index up,” said Brian Murphy, VP Research & Editorial at Canadian Black Book. The CBB news release adds: “With all eyes on the SUV segments, over the past many months or even years, it is significant to see cars show such strength.”
Compared to April 2019, the full-size car segment demonstrated the largest gain at 2.6 points, while full-size pickup trucks were up 1.3 points. As for mid-size crossovers, the segment experienced a gain less than one point (0.7).
On the downside, compact luxury CUV/SUVs has experienced the most significant decline since June 2018 at 5.79 points. Luxury cars and the small pickup truck segment dipped around 4 per cent.
In the minivan department, the segment dropped 2 per cent from April 2019, while small pickup trucks declined by just under two points.
See the full index below:
