The Canadian wholesale market for used cars continued its very slight decline overall, though prices are still very close to record high levels. The total market for the week ending on May 20 was down again, -0.17% compared to the previous week’s basically flat -0.03%, according to Canadian Black Book. The 2017-2019 average for that week was -0.07%. Car segments declined by -0.12%, after increasing 0.06% last week. Trucks also declined, down -0.22%, compared to -0.12% last week.
The car segment, which was down overall by -0.18% compared to being up 0.10% last week. The truck/SUV segment experienced a decline of -0.26% for the week, compared to the previous -0.36%. Says the report, “The average listing price for used vehicles remained stable for the week, as the 14-day moving average remains slightly below $38,000.”
Four of the nine car segments increased last week, led by sporty cars and prestige luxury cars, both up 0.30%. Near luxury cars and luxury cars were down the most at -0.55% and 0.62% respectively.
For trucks/SUVs, sub-compact crossovers were up 0.02% and minivans were very slightly up—0.31% along with small and full size pickups, both up 0.29%. Sub compact luxury crossover/SUVs experienced the largest price declines for the week (-1.31%), followed by full-size vans (-1.13%).
Supply remains low, while demand continues to soften on both sides of the border. The analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots.
In related news, Canadian Consumer Prices rose 6.8% year over year, a slight increase from March (+6.7%), largely driven by food and shelter prices. Canadian Consumer Confidence hits low not seen since November 2020. Negative pressure on all dimensions tracked including job security, real estate values, personal finances, and forward look on the economy, says Nanos Report. The Canadian dollar remained flat against the USD, finishing the week at $0.78.
