Used car and truck market declines slightly more than average

The Canadian used wholesale auto market was down -0.44%, according to Canadian Black Book. The 2017-2019 average was -0.28%. The Canadian wholesale market for used cars declined slightly less than last week, down -0.28%, and trucks were down more from last week at -0.58%. The average listing price for used vehicles 14-day moving average stayed at $36,500. The overall decreases were higher than the historical average (-0.28%).

One segment of the car market made gains, with mid-size cars going up 0.10%, but  a few segments were down quite significantly. Full size cars were down the most, at -0.74%, followed by sporty cars, down -0.40%, and prestige luxury cars down -0.39%.

For trucks/SUVs, all the segments experienced decreases, except for compact vans, which actually gained 1.18%. The average decrease was -0.58%. Minivans declined the most, down -0.92%, followed by Mid-size luxury crossover/SUVs, which were down -0.91%, and sub-compact luxury crossover/SUVs were also down -0.86% for the week.
The average listing price for used vehicles was consistent with the last two weeks, as the 14-day moving average stayed at $36,500. Analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots. The US market exchange rate remains favourable for exportation, leading to a continuous stream of vehicles south across the border. “Supply remains low while demand is high on both sides of the border. Upstream channels continue to tap supply before it can be made available at physical auctions.”

In other auto news, Hyundai has achieved the highest volume of any brand in receiving 12,777 electric and plug-in vehicle rebates under the Federal iZEV program, surpassing Tesla as the previous and only leader in volume since the program’s inception in 2019.

After a reign of 24 consecutive years as the #1 passenger car in Canada, the Honda Civic was bested by the Toyota Corolla in 2022, some reasoning behind the new order are supply chain issues for Honda and the fact that the Corolla now offers many more iterations to complement consumer demand in the segment while starting at a lower entry price. The North American Car & Truck of the Year awards have been announced for 2023, and the winners are the Ford F-150 Lightning for Truck of the Year, Kia EV6 for SUV of the Year and Acura Integra for Car of the Year.

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