Canadian used wholesale vehicle prices continued to soften last week, with the overall market declining 0.34 per cent for the week ending Aug. 15, according to the latest market data.
The decline, dealers may note, accelerated from the previous week’s 0.19 per cent decrease and exceeded the 2017-2019 average decline of 0.20 per cent for the same week.
Car values fell 0.34 per cent, compared with a 0.10 per cent decline the previous week. All nine car segments moved lower, the first time in six weeks that every segment recorded a week-over-week decrease. Prestige luxury cars posted the steepest car decline at 0.63 per cent, followed by prestige compact cars at 0.47 per cent.
Truck and SUV values declined 0.35 per cent, accelerating from the previous week’s 0.26 per cent decrease. Sub-compact crossovers/SUVs recorded the largest drop at 1.09 per cent, followed by full-size luxury crossovers/SUVs at 0.99 per cent. Not every segment lost ground, however. Compact vans recorded the market’s largest increase at 1.65 per cent, while sub-compact luxury crossovers gained 0.16 per cent.
Just over 45 per cent of market segments experienced average value movements exceeding $100 in either direction.
Auction sale rates ranged from 21.9 per cent to 79.4 per cent and averaged 46.6 per cent. Inventory increased slightly, while demand for higher-quality vehicles remained strong on both sides of the Canada-U.S. border.
On dealer lots, the 14-day moving average used-vehicle listing price edged down to approximately $37,900. The analysis was based on roughly 169,000 used vehicles listed for sale by Canadian dealers.
