This week Canadian Black Book’s data showed the used wholesale market experienced a decline of -0.32% in pricing for the reporting period ending on June 28.
Its Market Insights update also showed car segment prices were down -0.32% compared to the prior week’s -0.06%. And truck/SUV segments decreased by -0.32%, which is somewhat similar to the previous week. The only positive segments noted were minivans at +0.26% and sub-compact luxury crossovers/SUVs at +0.11%.
“The Canadian market’s decrease in pricing continues with a decline more pronounced than in its previous week,” said CBB in its report. “The decline in car segment values increased by 0.26% resting at -0.32%, while the decline in truck segment prices also increased overall by 0.03% bringing its change to -0.32%. Just under 41% of the market segments experienced an average value change of more than ±$100.”
CBB said supply remained high in comparison to prior weeks, but that 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 the car category, segments with the most significant declines were sub-compact cars (-0.69%), sports cars (-0.63%), and full-size cars (-0.58%). The segments with the least amount of depreciation were near-luxury cars (-0.05%) and compact cars (-0.09%).
For trucks/SUVs, the most notable decline in values came from full-size luxury crossovers/SUVs (-1.20%), full-size crossovers/SUVs (-0.69%), and compact vans (-0.46%). As previously mentioned, two segments contradicted the trend as they experienced an increase in values: minivans and sub-compact luxury crossovers (+0.11).
The average listing price for used vehicles, considering the 14-day moving average, was at $37,500 — based on around 220,000 used vehicles listed for sale on Canadian dealer lots.
