Big drop in Canadian wholesale vehicle prices as year comes to close
Image courtesy of Canadian Black Book.
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As the year nears its end, Canadian used-vehicle wholesale values keep dropping.
Canadian Black Book’s weekly Market Insights report showed the market sank by 0.64% overall in the week ending Dec. 10, almost twice the 0.33% decline of the previous week.
Values were down across the board — with the exception of full-size pickups, which gained $13 (0.04%) — and not by a little bit, as 19 of the 22 total segments fell by more than $100 and eight were down by 1% or more (with another at 0.98%).
The biggest fall came from the full-size crossover/SUV segment, which plummeted $608 (1.63%) and was one of three truck segments to lose more than $300 in value for the week, joining compact vans ($324, 1.62%) and minivans ($321, 1.34%). Truck segments as a whole were down 0.65%.
Cars didn’t fare much better, dropping 0.62% overall, paced by sporty cars, which fell 1.28% ($346) and mid-size cars, down 1.16% ($204). Premium sporty cars were down 0.51%, but had the largest dollar value loss among cars at $413.
As wholesale values plunged, retail prices held relatively steady. The 14-day moving average, based on approximately 220,000 used vehicles listed for sale on Canadian dealer lots, came in at $34,300, down slightly from the previous week.
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Monitored auction sale rates ranged from 12.2% to 62.7%.
CBB said the U.S. market followed the lower depreciation of Thanksgiving week (0.29%) with a drop of 0.63%, consistent with typical seasonal expectations. But older vehicles declined less than newer ones, with 8-16-year-old vehicles falling 0.38%, while vehicles aged 2-8 years were down 0.63% and 0-2 years sank 0.55%.
