Full-size van values continue to tumble in Canadian wholesale used market
Image courtesy of Canadian Black Book.
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If you’re looking to buy low on a used vehicle, you might want to look at a full-size van.
The wholesale price of that segment of the Canadian used-vehicle market dropped 1.37% ($466) for the week ending April 25, according to Canadian Black Book’s weekly Market Insights report, marking its third consecutive week with decreases of 1.10% or more.
During that span, full-size vans have lost $1,326 in value.
Overall, the market was down 0.22% for the week, the report said, with just three segments — minivans (0.52%, $140), full-size pickups (0.32%, $129) and sporty cars (0.30%, $88) — posting a gain.
Subcompacts took the biggest fall among car segments at 1.11% ($116), followed by compact cars (0.86%, $137). Full-size luxury crossovers/SUVs declined less than half as much as full-size vans percentagewise at 0.65%, but the segment’s $485 dollar loss was the largest of the week.
The 14-day moving average retail listing price for used vehicles rose to $37,500, up by $100 for the week, while the average auction sale rate slowed from the previous week, coming in at 42.5%.
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It was a different story at auctions in the U.S., where conversions averaged 63%, continuing a string of 60%-plus weeks dating to late January. But another streak was broken as car segments lost value (0.09%) after eight straight weeks of gains. Black Book analysts said the decline was driven entirely by softness in the 2-to-8-year-old segment, while newer and older units both continued to rise.
Overall, the U.S. market was up 0.08% as trucks remained strong in a market Black Book called “increasingly segmented and selective.”