The Canadian used vehicle market has begun to reflect a shift in values with an upward trend, according to Canadian Black Book. In its Market Insight update, CBB said that trend comes in contrast to the market’s behaviour from prior weeks.
Right now the market is flat, or seeing a 0.01% change in pricing for the week ending on March 29. That’s up from -0.17% a week earlier and the 2017-2019 end-of-March average of -0.18%. Truck/SUV segment prices are also up, to 0.04% from the prior week’s -0.22%, while car segment prices hover at -0.03% from last week’s -0.11%.
“Just under 23% of the market segments experienced an average value change of more than ±$100,” said CBB in its update. “For the first time this year the change in truck segments reflects an increase, sitting at +0.04%, while the decline of the car segments experienced a decrease, bringing its change to -0.03%.”
In the car segments, full-size cars (-0.67%) experienced the biggest decline, followed by near luxury cars, (-0.16%) and mid-size cars (-0.13%). Premium sports cars (+0.13%) had the largest increase and compact cars (+0.06%) had the second most notable uptick.
On truck/SUVs, sub-compact luxury crossovers (+0.93%) experienced the most significant surge, followed by compact crossovers/SUVs (+0.50%), and full-size pickups (+0.42%). Five sectors were on the downside, with the largest declines seen in full-size vans (-0.61%) and minivans (-0.25%).
CBB said there is an increase in supply coming into the used vehicle market compared to previous weeks. However, they also said upstream channels continue to gain early access. “There continues to be a high demand on both sides of the border for an increase in inventory and vehicles at auctions.”
In other news, CBB said Quebec reinstated its “Roulez vert” zero-emissions vehicle incentive program. And Toyota and Honda have confirmed they firmly stand behind their Canadian manufacturing operations.
