Used vehicle prices declined slightly in the Canadian wholesale market—down 0.02% for the week ending on April 1, compared to +0.09% the prior week. The 2017-2019 average for the same week was -0.18%, according to Canadian Black Book.
Overall, car segments sat at 0.10% compared to the previous +0.11%, while the overall truck/SUV segments declined 0.13% compared to the +0.07% from a week earlier. In the United States, overall car and truck segments were down 0.15%, representing the fifteenth consecutive week prices were down. The prior week that decreased was -0.28%.
“The Canadian wholesale market has continued to remain stable overall but it fell into the negative territory,” said CBB in its latest auto market update. “Newer vehicles tend to be outperforming vehicles aged three years and older.”
On the car side, sub-compact cars had the largest price increase (+0.67%) for the second straight week, followed by compact cars (+0.63%) and sports cars (+0.59%). Full-size cars experienced the largest price declines for the week—down -0.89%, followed by near luxury cars (-0.58%) and mid-size cars (-0.18%).
As for trucks/SUVs, sub-compact crossovers managed the largest price increase (+0.83%), followed by minivans (+0.41%) and full-size pickup trucks (+0.35%). Full-size crossovers/SUVs experienced the largest price declines for the week (-0.73%), followed by mid-size crossovers/SUVs (-0.51%) and compact vans (-0.51%).
CBB said its Used Vehicle Retention Index reached another historical high in March, finishing the month at 165.0 points—up 1.3 points from February. Year-over-year, the Index is up 39.1% from 118.6 points in March of 2021. CBB said full-size vans saw the largest increase for the month, followed by luxury cars, prestige luxury cars, and full-size pickup trucks. Full-size cars and compact vans experienced the largest decline month-over-month.
The average listing price for used vehicles, as per the 14-day moving average, is now slightly below $37,000. The analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots.
In other news, the global chip shortage is temporarily shutting down major U.S. automaker Ford, which announced that its Flat Rock Assembly Plant near Detroit will be down next week thanks to the semiconductor shortage.
*All images are courtesy of Canadian Black Book.
