The average price of a new vehicle has hit its lowest point this year, with new prices dipping 1.1% month-over-month, according to autoTRADER.ca’s September 2019 Price Index report.
“With a median decrease of 1.1% in September over the previous month, Canadian automotive prices for new vehicles, which are still up by 1.6% year-over-year, have begun to show signs of levelling off,” said autoTRADER.ca in the report.
The national median price of a new vehicle in Canada is $38,866, while the price of a used vehicle is $18,788, both YOY.
By body type, cars reached a price of $27,030 (up 2.5%); SUVs hit $36,560 (up 0.7%); and trucks reached a national median price of $53,165 (up $53,165), all YOY.
For used vehicles, the price also increased: cars reached $14,998 due to a 7.2% boost; SUVs were marked at $21,999 thanks to a 4.8% increase; and trucks had a national median price of $29,995 — up 5.3%, again YOY.
Broken down by region, the national median price for new vehicles increased in every province but Alberta ($45,408), which dipped 0.7%, and Quebec ($32,931), which declined 1.2%, YOY.
“Across Canada, the Atlantic region saw the highest year-over-year price increase for new cars at 7.8% in September,” said autoTRADER.ca. “For used vehicles, Manitoba and Saskatchewan have experienced the largest year-over-year median price increase at 13.9%, followed by Ontario at 11.2%.”
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