Used vehicle wholesale prices remained relatively flat this week for the Canadian market, down slightly by 0.04% for the week ending on March 4, according to Canadian Black Book.
Last week it was up 0.03%, while the industry average between 2017-2019 during the same period was -0.21%. The truck/SUV segment rose 0.11% (compared to the prior week’s 0.05% increase), outperforming the overall car segment (down 0.19%) for the second consecutive week. The car segment was up 0.01% the prior week.
“The Canadian wholesale market has continued to remain stable overall. Newer vehicles tend to be outperforming vehicles aged three years and older,” said CBB, adding again that “Supply remains low while demand continues to weaken on both sides of the border.”
The car segment’s overall decline marks the first time in eight weeks that it decreased. Mid-size cars experienced the largest price increase for the week (+0.56%), followed by premium sports cars (+0.12%). However, the full-size car segment saw the largest prices decline for the second consecutive week—down 0.81%, followed by near luxury cars (-0.75%) and luxury cars (-0.33%).
As for trucks/SUVs, full-size vans experienced the largest price increase for the fourth week in a row (+1.86%), followed by full-size pickups (+0.22%) and minivans (+0.10%). On the down side, compact vans saw the largest price declines for the week (-0.93%), followed by compact luxury crossovers (-0.54%) and sub-compact crossovers/SUVs (-0.44%).
The average listing price for used vehicles, when considering the 14-day moving average, is now slightly below $35,500. The analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots.
In other news, the unemployment rate dipped below pre-COVID levels for the first time, falling to 1.0 percentage points to 5.5% in February 2022, which CBB said is lower than in February 2020 (5.7%).
And gas prices at the pump hit historic highs, with the national volume weighted average for Canada reaching $1.757/L—as of March 8. The Canadian dollar remains flat against the USD, having finished the week off at $0.78.
