Used car market sees small dip in price decline

Last week the Canadian used wholesale market experienced a decline in pricing of 0.32%, which is similar to the previous reporting period. The current period ended on November 9, with pricing not far off from the 2017-2019 average. 

The data comes from Canadian Black Book’s latest Market Insights update; it shows the overall car segments at -0.18% compared to the prior week’s -0.46%, while truck/SUV segment prices slipped lower at -0.44% versus the previous period’s -0.17%. 

“An increase in supply entering the wholesale market has been noted once again, despite upstream channels continuing to gain early access,” said CBB in its report. “There continues to be a high demand on both sides of the border for (an) increase in inventory and vehicles at auctions.”

In the overall car category compact cars (-0.04%) decreased the least, with luxury cars (-0.05%) and premium sports cars (-0.13%) not far behind. The largest decreases came from sub-compact cars (-0.58%), sports cars (-0.51%), and mid-size cars (-0.26%).

For trucks/SUVs, the largest declines came from full-size crossovers/SUVs (-0.67%), mid-size crossover/SUVs (-0.65%), full-size vans (-0.65%), and compact crossovers/SUVs (-0.63%). However, small pickups managed an increase at +0.05%.

CBB said the average listing price for used vehicles is slightly up, with the 14-day moving average at $34,250.

In other news, the Canadian dollar was around $0.718 on Monday morning — a slight dip from $0.719 a week earlier. And as Donald Trump will be taking office in 2025 as the next resident of the United States, Canadian auto manufacturers are preparing for difficult times ahead – “especially those from overseas.” 

CBB said U.S. automakers are “closely aligned with Canadian auto suppliers and should help steer any threat from Donald Trump away from the Country as that would hurt U.S. auto companies as well.”

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