CBB: Used vehicle market down, but cars up this week

While the Canadian used vehicle wholesale market was down -0.05% for the week ending on April 15, overall car segments were up on average by the same percentage.

The data was pulled from Canadian Black Book’s latest automotive Market Insights, which found that the car segment pulled ahead of trucks/SUVs by +0.05%. The latter was down -0.14% during that period. In comparison to the previous week’s update, cars were down -0.03% and trucks/SUVS -0.07%.

“The Canadian market continued to decrease, and the overall decrease was less than the historical average,” said CBB in its update, later adding that “Most segments saw a change in average value of less than $50 this week as the market continues to stabilize.”

Five car categories experienced price increases this past week, including full-size cars (+0.43%), sports cars (+0.22%), and mid-size cars (+0.16%). On the down side, prestige luxury cars experienced a -0.05% decline, along with compact cars, at -0.03%.

For trucks/SUVs, the largest declines came from compact luxury crossovers/SUVs (-0.83%), sub-compact crossovers (-0.69%), and full-size vans (-0.34%). On the upside, three segments managed increases with one experiencing a noticeable update: compact van (+3.08%).

The average listing price for used vehicles, week-over-week, as part of the 14-day moving average was at approximately $35,950.

In other news, the Canadian dollar hovered around $0.746 Monday morning, a slight increase from $0.741 the previous week. And CBB said manufacturing sales in Canada are down by 3.6% month-over-month in February 2023 — “compared to the preliminary estimate of a 2.8% decline and following an upwardly revised 4.5% rise in the prior month.”

You can read the full report here.


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