The Canadian used wholesale market experienced a steeper drop in prices of -1.11% for the week ending on November 18, according to Canadian Black Book’s Market Insights report.
The decline is notable as the prior week showed a decrease in prices of -0.66%, while the 2017-2019 average of the same week for this period was -0.27%. The car segment fell by -0.89% and truck/SUV segment prices were down 1.33%. Not a single segment’s values increased for the week.
“The Canadian market continued to decrease, and the overall decrease was much larger than the historical average. Supply remains low with decreasing demand for vehicles at auction on both sides of the border,” said CBB in its update.
In comparison, the overall car and truck segments in the United States decreased -1.55% last week and -1.48% the prior week. The volume-weighted car segments were down -1.35%, compared to -1.13% the prior week. And the volume-weighted truck segments decreased by -1.53%, compared to -1.73% the previous week.
In the car category, sub-compact cars (-0.16%), luxury cars (-0.31%), and prestige luxury cars (-0.39%) experienced the least declines. Full-size cars had the most significant decrease with (-1.89%), followed by near luxury cars (-1.82%) and sports cars (-1.18%).
For trucks/SUVs, all segments showed a decline. The one with the highest decrease was full-size luxury crossovers/SUVs (-3.17%), which was followed by mid-size luxury crossovers/SUVs (-1.91%) and compact luxury crossovers/SUVs (-1.69%). Compact crossovers/SUVs also experienced a noteworthy decline (-1.34%), while mid-size crossovers/SUVs and minivans had the same decrease (-1.24%).
The average listing price for used vehicles, as per the 14-day moving average, was approximately $37,950. The analysis is based on around 206,000 vehicles listed for sale on Canadian dealer lots, according to CBB.
The full report is available here.
