The national median price of a vehicle in Canada, which includes new and used cars, SUVs and trucks, has increased by 3.5% and 6.8% respectively, according to the autoTRADER.ca Price Index for July 2019.
The average price for a new vehicle was listed at $39,107 in July, while the price of a used vehicle was $18,799. When broken down by category, the national median retail price of a new car was $27,245 (+5.1%), for SUVs it was $37,049 (+1.6%), and the price of a truck was marked at $53,609 (+5.9%) — all YOY.
“Compared to the same time last year, the median price across used sedans, SUVs, and trucks all increased 4.9%, 6.7% and 3.5% respectively,” said autoTRADER.ca in its Price Index.
For used, cars were $14,998 (+4.9%), SUVs were $22,395 (6.7%), and trucks were $29,995 (3.5%), again all YOY.
In North America, the median retail price was up 5.8% and 5.1% for new and used vehicles, respectively, and up 2.5% and 1.0% in Europe, YOY. In Asia, the average retail price for a new vehicle was flat, while used vehicles were up 10.3%, YOY — the most significant increase of the three markets.
Specific to Canada, all provinces except Quebec experienced an increase in the national median price of a vehicle, with Manitoba and Saskatchewan leading this boost. The median price was marked at $45,535, an increase of 10.0% YOY.
“Regionally, Manitoba and Saskatchewan saw the highest year-over-year increase in new vehicle median price (10%) across the country,” said autoTRADER.ca. “The prices of sedans and trucks increased within the region by 6.7% and 2.7% respectively, while SUV prices remained steady.”
In used, all provinces were up except Alberta, which was down 3.9% (marked at $21,907). All others showed a rise in price, with Ontario leading with a 10.3% boost YOY (median price was $18,750).
“In the region, the median price of sedans, SUVs and trucks, increased significantly by 8.3%, 8.2% and 6.7% respectively, driven by the increase in prices of sedans and SUVs,” said autoTRADER.ca.
Manitoba and Saskatchewan experienced a 9.7% increase YOY ($23,985).
