Canadian used-car prices increase in September
Used-car prices are on the rise in Canada.
According to its latest Market Update report, RVI Group’s Used Vehicle Price Index was up 3.2 percent in September versus a year ago, and 3.3 percent from August.
Adjusting for inflation, the index was up 2.7 percent both sequentially and year over year.
RVI’s Used Vehicle Price Index, which started at 1.0 in January 2001, measures the wholesale values of used cars 2 years old to 5 years old adjusted for mileage, mix and seasonality.
The index sat at 0.969 in September.
Roughly half of the vehicle segments RVI tracks saw a decline in residual values on a year-over-year basis. Full-size sedan prices were down by 21.8 percent, while luxury full-size sedan prices were down 6.4 percent.
Several segments fared better than the average depreciation of 3.2 percent:
—Luxury SUVs, 1 percent
—Midsize SUVs, 0.8 percent
—Luxury midsize sedans, 0.7 percent
—Small SUVs, 0.2 percent
—Luxury small sedans, 0.3 percent
—Small pickups, 1.2 percent
—Sporty coupes, 2.1 percent
—Full-size vans, 2.8 percent
When looking at September depreciation relative to August, full-size sedans saw the biggest monthly loss at 27 percent. Eight segments fared better than the industry average of 3.3 percent:
—Full-size pickup, 1.4 percent
—Compact car, 2.9 percent
—Luxury SUV, 2.6 percent
—Midsize SUV, 2.9 percent
—Luxury midsize sedan, 2.1 percent
—Luxury small sedan, 1.4 percent
—Full-size van, 0.7 percent
—Small sedan, 0.1 percent
The report noted that gas prices rose to $1.05/liter in September — an increase of 1.6 percent from August and a 2.3-percent decrease from September 2015.
The exchange rate stood at $0.76 CAD/USD in September, a 0.8-percent decrease from August. When compared to September 2015, the exchange rate has increased by 1.2 percent.