autoTRADER.ca’s May Price Index reveals a dip in vehicle pricing that accompanies an increase in consumer interest to buy.
Nationally, the median price of a new vehicle sits at $39,799, which is down 0.8% month-over-month but up 1.3% year-over-year. For used vehicles the price sits at $18,888, both down — by 0.6% MOM and 0.5% YOY.
“As retailers across the country begin to resume regular business operations, they are being met with renewed interest from consumers,” said autoTRADER.ca in its report. “In the month of May alone, autoTRADER.ca observed an all-time high of 20 million visits, representing a 15% year-over-year increase in traffic on the marketplace.”
The national median price for a new car is $28,470 (up 3.3% YOY) and $14,994 for used (down 2.6% YOY). For SUVs, that number is $37,285 for new (down 1.3% YOY) and $21,968 for used (down 4.4% YOY). New trucks slotted at a median price of $54,929 (up 2.0% YOY) and $29,888 for used (down 0.3% YOY).
A broader picture reveals the median price of a new vehicle by manufacturer origin is $50,931 (up 5.4% YOY) in North America, and $20,000 for used (down 4.7% YOY). In Asia the median price for a new vehicle is $32,290 (up 4.6%) and $16,990 for used (up 1.2% YOY). In Europe, the price for a new vehicle sits higher at $51,617 (down 1.5% YOY) and $23,597 for used, which is up 0.5% YOY.
“Prices for new North American and Asian vehicles continue to remain relatively strong year-over-year, while European vehicles remain below 2019 levels,” said autoTRADER.ca.
In Canada’s more populated regions, such as Ontario, Quebec, British Columbia and Alberta, prices varied with increases and declines. For example, in Ontario new vehicles sit at $38,345 (up 4.1% YOY) and $18,496 for used (down 2.4% YOY). In Quebec, the median price for a new vehicle is $34,609 (up 5.7% YOY) and $16,995 for used (up 0.8% YOY).
“Alberta experienced the largest drop, down 2.8% month-over-month and 3.8% year-over-year,” said autoTRADER.ca. “This is only the second instance in autoTRADER.ca Price Index history that the province has experienced a year-over-year decline in new prices, with the first dip of 0.7% recorded in September 2019.”
