J.D. Power has released its Canada Automotive Market Metrics for December 2024, revealing some similarities and adjustments from previous months.
When considering the percent of total transactions over the past 12 months, per vehicle type, and for new vehicles, 23 per cent was cash, 27 per cent represented leases, and 50 per cent represented loans. For used vehicles, those figures were 49 per cent cash and loans, respectively, and 2 per cent leases.
New leases hovered a little below $800 in December, as it did in previous months, while new loans were about $880 — when considering monthly payments on average per customer. As for the percent of the new vehicle loan term for 84 months and greater, that figure reached 54 per cent in December and more than the last few months.
On days to turn, new vehicles hovered slightly above 60, while used vehicles were slightly more than 80 days last month. J.D. Power also provided the new vehicle price versus the customer facing price, which pulls data from its JDPA PIN Incentive Spending Report (ISR). The vehicle price in December slipped to around $48,000 — less than in November and year-over-year. And the transaction price slipped to around $45,000, also lower than in November and year-over-year.
Where the percentage of negative equity vehicles at trade-in are concerned, negative equity sat just above 20 per cent and trade-in was slightly more than 40 per cent.
