Marketplace data from autoTRADER.ca’s March 2020 Price Index report indicates that there has been a modest impact on Canadian vehicle pricing through the early days of the novel coronavirus pandemic.
The national medium price of a vehicle (cars, SUVs and trucks) jumped 0.3% year-over-year in March to $40,055, while used vehicles were up 0.4% YOY to $18,980.
“When compared to the price of a new vehicle last month, this accounts for a 0.2% decline,” said autoTRADER.ca in its report. “Meanwhile, the average used vehicle price of $18,980 accounts for a 0.4% increase year-over-year and a 0.1% decline month-over-month. There is no indication of substantial pricing changes at a high level, although that is expected to change as current market conditions evolve.”
Divided by body type, the price of new cars increased by an average (median) of 3.4% to $28,463, while used cars were flat and stayed at $14,995. New SUVs were down 2.7% to $37,677, as were used — by 3.0%, with a price of $22,295. New trucks were up 3.5% to reach $54,925, while used trucks were down 1.7% to a price of $29,487. All percentages are YOY.
“Used vehicles have also experienced a slight dip, with both SUVs and Trucks down 0.9% month-over-month,” said autoTRADER.ca. “Prices for used Sedans however have remained flat month-over-month and continue to remain the most economical body type on the market.”
In North America, the median price of new vehicles was $51,225 in March — up 6.5% YOY. And used vehicles were down 4.3% YOY with a median price of $20,000. In Asia the median price of a new and used vehicle increased, and in Europe the price declined for new vehicles only.
In Canada, the national median price of a new vehicle increased YOY in March in every province except Manitoba and Saskatchewan. For used vehicles, it varies per province: the price was flat in British Columbia, increased in Manitoba, Saskatchewan, Quebec, Ontario and the Atlantic region, but declined in Alberta.
“In Atlantic Canada, used vehicles experienced the largest month-over-month increase of 4.9% and a year-over-year increase of 5.3%,” said autoTRADER.ca. “We are also seeing an increase in the Alberta used vehicle market, which is up 1.8% month-over-month. The markets in Ontario and Manitoba and Saskatchewan are experiencing the inverse, down 1.1% and 1.0% respectively compared to February 2020.”
