The Canadian used wholesale market remains relatively flat—this time up 0.09% for the week ending on March 4, compared to the previous week’s increase of 0.03%, according to Canadian Black Book.
The truck/SUV segment out-performed the car segments, slightly, for the first time in weeks, with prices up 0.05%. The car segment experienced a price increase of 0.01%. In the United States, the overall car and truck segments were down for the eleventh consecutive week, this time at -0.89% compared to -0.61% the prior week.
“The Canadian wholesale market has continued to remain stable overall,” said CBB in its report. “Newer vehicles tend to be outperforming vehicles aged three years and older.”
For the car segments, sub-compact cars saw the largest price increase for the week (+0.54%), followed by mid-size cars (+0.19%) and near-luxury cars (+0.11%). On the flip side, full-size cars experienced the largest price decline for the week—down 0.28%, followed by compact cars (-0.26%) and sports cars (-0.20%).
For trucks/SUVs, full-size vans saw the largest price increase (+0.88%), followed by compact vans (+0.38%) and sub-compact crossovers (+0.12%). However, CBB said pickup trucks continue to struggle; full-size pickups experienced the largest price decline for the third consecutive week (-0.31%), followed by sub-compact luxury crossovers (-0.19%) and full-size crossover/SUVs (-0.25%).
The average listing price for used vehicles, when considering the 14-day moving average, is now slightly below $35,000. The analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots, according to CBB.
In other news, CBB said the Bank of Canada “raised its benchmark interest rate to 0.5%, the first in an expected series of small rate hikes this year in an attempt to tame inflation.”
Also, gas prices continue to reach historic highs, and based on experts, this is just the “calm before the storm.” Priced already surpassed $2.00/litre in Western Canada.
