The Canadian used wholesale market experienced a decline in prices of -0.55% for the week ending on March 2. This means the decline was more than the prior week’s -0.39%, and also more than the 2017-2019 average of the same period at -0.18%.
That is according to Canadian Black Book’s Market Insights report, which found that the car segment fell by -0.67% compared to the previous reporting period of -0.55%. Truck/SUV segment prices were down -0.42%, versus the prior week’s -0.24%. Two out of 22 segments’ values increased for the week.
“The Canadian market continued to decrease, with declines increasing slightly from the prior week,” said CBB in its update. It is also worth noting that consumer confidence was down in February, at 47.38 from 49.46 a month earlier, according to an Ipsos poll.
In the United States, the overall car and truck segments declined -0.16% last week and -0.19% the prior week. The volume-weighted car segments were down -0.10%, compared to the previous reporting period’s -0.25%. And the volume-weighted truck segments decreased by -0.18%. The previous week it was -0.16%.
In Canada, the least of the decreases came from luxury cars at -0.22%, followed by near luxury cars at -0.37%, and premium sports cars with -0.39%. Sub-compact cars experienced the most significant decline (-1.92%), followed by prestige luxury cars and compact cars — both at -1.07%.
For trucks/SUVs, the segments with the most notable depreciations came from compact vans (-1.50%), full-size pickups (-1.49%) and compact luxury crossovers/SUVs (-1.01%). However, two segments did experience an increase: full-size luxury crossovers/SUVs (+0.86%) and minivans (+0.01%).
The full report is available here.
