Canadian wholesale vehicle prices for cars and trucks declined again, now for the sixth week in a row with car values down 0.27% on average and trucks decreasing 0.17%, according to Canadian Black Book’s latest update.
In comparison, and for the same period in November 2019, CBB noted an average weekly drop of 0.39% for cars and 0.41% for trucks. U.S. wholesale used vehicle prices also weakened this past week, down 0.31% for cars and 0.38% for trucks.
“Losses last week make for a six-week run of average declines in value, following a period of over a month of very stable values,” said CBB, adding that “Although prices are trending downwards, they are still not declining by the same magnitude normally seen this time of year.”
CBB expects the weakening trend in prices to continue well into 2021.
Luxury cars (+0.16%), prestige luxury cars (+0.13%), and premium sporty cars (+0.10%) were all up in the car segment, while the rest of the categories were down — the biggest decline being the sub-compact car category with a drop of 1.10% or $80.
For trucks, the big increases came from full-size vans (+0.40%) and small-pickups (+0.41%), while the most significant decline was the sub-compact crossover category with -0.91% or -$117.
CBB said wholesale values are continuing to decline, more so than in September and October.
“For this time of year, in a ‘normal’ year, price decreases are to be expected, purely as a function of the seasonality,” said CBB. “The six-week period of light value changes, from early September to late October is now well behind us. We expect that these price decreases will continue to accelerate over the next three to nine months.”
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