The September edition of J.D. Power’s Automotive Market Metrics for Canada reveals a perfect split between cash and lease payments for new vehicles, when considering the percent of total transactions over the past 12 months — per vehicle type.
Company data shows cash and lease payments represented 25% each, while 50% goes to loans. For used vehicles cash gets 45%, leases 2%, and loans 53%. New loans, in terms of monthly payments on average per customer, hovered close to $880 in September, while new leases sat above $760 but below $800. And the percent for the new-vehicle loan term, 84 months and greater, was 53% — down from a month earlier and September 2023.
On days to turn, dealers will find that new vehicles hovered around 55 days, while used vehicles were slightly above 80 days. We also looked at J.D. Power’s new vehicle price versus the customer facing price — information the company pulled from its JDPA PIN Incentive Spending Report (ISR). That data shows the vehicle price in September at $48,000 and the transaction price at slightly more than $45,000.
The last update, on the percentage of negative equity and trade-in, shows the latter slightly above 45% and negative equity at exactly 20%. Both are similar to August 2024, while trade-in is about the same as a year earlier and negative equity is up from September 2023.
