A bigger, more noticeable decline in used vehicle prices

The Canadian used wholesale market experienced a decline in prices of -0.30% for the week ending on August 26, compared to the prior week’s decline of -0.20% and the 2017-2019 average of -0.23% for the same period. (In the United States, the overall car and truck segments decreased -0.86% last week and -1.52% the week prior.)

In its Market Insights report, Canadian Black Book said the car segment experienced a decrease of -0.08%, while truck/SUV prices were down -0.50%. In addition, only four out of 22 segments’ values were up for the week. “Many segments saw a change in average value of more than $100 this week as the truck and SUV segments fell the most. Conversion rates were quite varied,” said CBB in its update.

Specific to the car segments, three of the nine categories showed an increase in pricing, with the largest increase coming from full-size cars (+0.55%) and premium sports cars (+0.04%). The segment that experienced the most significant decrease was again compact cars (-0.45%). Mid-size cars followed suite with -0.24%, as did near-luxury cars (-0.19%) and prestige luxury cars (-0.17%).

For trucks/SUVs, all but one of the 13 segments had decreases. And three segments had the same decrease and the largest of all truck segments: compact vans, full-size vans, and full-size pickups (-0.68%). The only segment to have an increase in pricing was small pickups (+0.72%).

The average listing price for used vehicles, as per the 14-day moving average, was approximately $38,100. The analysis is based on around 190,000 vehicles listed for sale on Canadian dealer lots, according to CBB.

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