Used vehicle prices down for the week

In a slight change from what may feel like the “new normal,” the Canadian used wholesale market saw prices slightly decline for the week ending on January 18.

According to Canadian Black Book’s latest automotive market update, prices for the car and truck/SUV segments were down slightly last week as buyers/dealers reassessed the newly (re-imposed) pandemic restrictions. Overall, CBB said prices decreased 0.05% for the week.

The car category was down 0.01%, marketing the second consecutive week that prices dipped. The sub-compact car segment experienced the largest price increase for the week (+0.97%), followed by sports cars (+0.38%) and compact cars (+0.33%). But prestige luxury cars were down 0.74%, followed by mid-size cars (-0.52%) and premium sports cars (-0.21%).

Overall, the volume-weighted wholesale used truck/SUV category saw prices slightly declined by 0.09%—also for the second consecutive week. CBB said commercial vehicles managed the largest price increase, while full-size vans and compact vans were up 1.24% and 0.54%, respectively, followed by compact crossovers/SUVs (+0.24%).

Full-size pickup trucks saw prices drop for the third week in a row. This past week it was down 0.84%, followed by full-size crossovers/SUVs (-0.75%) and sub-compact crossovers (-0.55%).

CBB said the average listing price for used vehicles continues to reach historic highs week-over-week; the 14-day moving average is now around $32,750, based on approximately 120,000 vehicles listed for sale on Canadian dealer lots.

The Canadian economy saw 55,000 jobs added in December 2021; the dollar was up slightly against the USD to finish the week at $0.80; and the overall U.S. car and truck segments experienced price declines of 0.13%.

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