The Canadian used wholesale market experienced a decline in prices of -0.23% for the week ending on March 23. That is a stone throw away from the prior week’s -0.26%, but pulls away from the 2017-2019 average of -0.09% for the same period.
The car segment was down -0.35% this period, compared to the previous period’s -0.40%. And truck/SUV segment prices declined -0.11%, which is similar to the prior week’s -0.13%. Four out of 22 segments’ values have increased for the week, according to Canadian Black Book’s latest Market Insights report.
Market conditions are reflecting a positive trend and a shift back to traditional patterns in areas such as vehicle valuations, auction attendance, the supply of inventory, and auction conversion rates,” said CBB in its update. “The broader market has seen another week of growth with a +0.13% increase in values, marking the second successive week of gains.”
CBB added that all vehicle age groups experienced an uptick in value last week, with the youngest category (0-2 years) up by +0.05%. The older group (8-16 years) saw a more noteworthy increase at +0.15%.
In Canada, the car segment saw sub-compact cars demonstrate the most significant decline at -0.98%, followed by full-size cars at -0.71% and compact cars at -0.69%. Premium sporty cars was the only category to show an increase in pricing at +0.14%.
For trucks/SUVs, the largest depreciations came from compact van (-1.50%), full-size pickups (-0.74%) and full-size vans (-0.61%). And three segments managed an increase: small pickups (+0.80%), full-size luxury crossovers/SUVs (+0.56%) and mid-size crossovers/SUVs (+0.50%).
The average listing price for used vehicles, as the 14-day moving average, was approximately $36,600. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots, according to CBB.
The full report is available here.
