Loans represented 53% of total new vehicle transactions in Canada over the past 12 months, while leases represented only 24%. Cash purchases were 22%, according to J.D. Power’s Automotive Market Metrics — April edition.
In comparison, loans represented 55% of total used vehicle transactions over the same period, while cash purchases were 43% and leases were only 2%. All prices, for both new leases and loans, are significantly higher than they were in April 2022.
The average monthly payment per customer in April, in terms of loans, hovered between $880 and $900; for new leases it was between $840 and $860. The percentage of the new vehicle loan term, for 84 months and more, was 57%.
As for days to turn, new vehicles hovered around 55 days, while used vehicles were closer to around 70 days in April.
For new vehicle prices versus the customer facing price, based on data from the JDPA PIN Incentive Spending Report, the price of a new vehicle was around $50,000. The transaction price was slightly above $46,000, and both prices are higher than they were in April 2022.
In terms of the percentage of negative equity for new vehicles at trade-in: negative equity was less than 20% per cent in April, while trade-in was closer to 45% during the same period — both lower than a year ago.
