Used car value change noteworthy compared to trucks

The Canadian used wholesale market experienced a decline in prices of around -0.44% for the week ending on July 6, according to Canadian Black Book. That decline is similar to the prior week’s -0.48%, but not as close to the 2017-2019 average of -0.27% for the same period.

The car segment was down -0.57%, compared to last week’s -0.28%. And truck/SUV segment prices declined -0.33%, which (unlike cars) is a lighter decline than trucks recorded a week earlier (-0.66%).

“Less than 55% of market segments observed an average value change exceeding ±$100 this week. Among these segments, car segments saw a decrease 24% larger than that observed in truck segments,” said CBB in its Market Insights update. “Monitored auction sale rates ranged from 11% to 69%.”

In the car category, the segments that experienced the least in declines were sports cars (-0.10%), full-size cars (-0.12%), and near-luxury cars (-0.16%). The largest decreases came from prestige luxury cars (-47%), sub-compact cars (-1.18%), and luxury cars (-1.13%).

For trucks/SUVs, the largest declines were experienced in the full-size van segment (-0.88%), full-size luxury crossovers/SUVs (-0.56%), sub-compact luxury crossovers (-0.40%), and compact luxury crossover/SUV (-0.39%). The only segment to see an increase was compact crossovers/SUVs — at +0.07%.

CBB said the average listing price for used vehicles is stable, with a 14-day moving average of $34,000. The analysis is based on approximately 220,000 used vehicles listed for sale on Canadian dealer lots.

In the United States, CBB noted that June experienced a depreciation that continued into July. They said the overall market declined -0.47%, which is consistent with the prior week’s down of -0.51%. 

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