J.D. Power has released its Canadian report on Automotive Market Metrics for March 2024, in which it found that loans represented 51% of total transactions over the past 12 months for new vehicles while used vehicles represented 53%.
The report also shows that cash represented 26% of the percent of total transactions for new vehicles and 45% for used vehicles, while leases were 23% for new vehicles and a mere 2% for used vehicles.
As for the average monthly payment per customer, that fell between $840-$880, which is less than the prior month and March 2023. For the percent of new vehicle loan terms (84 months and more), last month saw that figure reach 58% — similar to February and more than March 2023.
In considering days to turn, new vehicles experienced an increase, hovering between 50-55 days compared to around 50 days in February and approximately 40 days in March 2023. For used vehicles, the days to turn figure was slightly more than 80, which is less than the prior month and more than the same period a year earlier.
As for the transaction price in March, it declined to around $45,000, less than the prior month and March 2023. The new vehicle price also saw a decline, closer to $48,000 than February’s approximately $49,000 and March 2023’s $50,000. The data was pulled from the JDPA PIN Incentive Spending Report (ISR).
J.D. Power’s update also considers the percentage of negative equity for new vehicles at trade-in. At trade-in, that percent hovers around 43% — more than the prior month and March 2023. For negative equity, that figure is slightly above 20%, compared to the 20% from February and a year ago in March 2023.
