The car segment outperformed the SUV/truck segment during a week that saw prices decline by 0.46% for the overall Canadian used wholesale market. The information, published by Canadian Black Book as part of its weekly market insights, covers the week ending on January 7.
“The overall decreases were larger than the historical average,” said CBB. “Supply remains low with demand for more recent and clean condition vehicles on both sides of the border. Upstream channels continue to tap supply before it can be available to wholesale markets.”
The preceding week’s data showed a decline of 0.44%, while the 2017-2019 overall market average for the same week was -0.35%. CBB data also shows that car segment prices declined 0.38% last week (compared to -0.44% two weeks ago), while SUV/truck segment prices were down 0.53% (compared to the previous -0.45%).
In total, 21 of the 22 segments experienced a decrease in values last week, with Minivans experiencing no change (0%).
The largest decline in the car segment came from mid-size cars (-0.93%), followed by sub-compact cars and luxury cars (-0.65% each). Two other segments also depreciated the same amount: compact cars and near-luxury cars (-0.64%).
For the SUV/truck segment, the largest declines came from compact vans (-3.54%) and full-size luxury crossovers (-1.16%). This was followed by mid-size crossovers (0.59%) and mid-size luxury crossover/SUV (-0.55%). Other segment declines worth noting include sub-compact crossovers, compact crossovers, and compact luxury crossovers (-0.43%).
“The average listing price for used vehicles was consistent week-over-week, as the 14-day moving average was at roughly $36,525,” said CBB in its report. They added that the analysis is based on approximately 200,000 vehicles listed for sale on Canadian dealer lots.
In other news, Canada added 104,000 jobs during the month of December, bringing the unemployment rate to a five-month low of 5.0%. Consumer confidence also rebounded to 49.34 that month — from 46.62 in November. CBB said this was not far off from the 50.3 level observed in the past summer, according to Ipsos polls.
