Canadian wholesale used-car value decline picks up speed
Image courtesy of Canadian Black Book.
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The decline in Canadian wholesale used-car prices is picking up speed.
Canadian Black Book’s weekly Market Insights report showed a drop of 0.35% for the week ending June 7, almost double the 0.18% decrease of the previous week and the largest fall since a decline of 0.48% during the week of Jan. 11.
It’s also nearly three times the pre-COVID 2017-19 average of 0.12%.
Truck/SUV values sank 0.47%, with full-size crossover/SUVs taking the biggest dive at 1.24% and matching full-size luxury crossover/SUVs (0.77%) for the largest dollar loss at $547. Midsize luxury crossover/SUVs (0.89%, $381), full-size pickups (0.46%, $182) and midsize crossover/SUVs (0.45%, $125) also dropped more than $100 in value.
Car segments were down 21%, with midsize cars (0.38%, $74), prestige luxury cars (0.32%, $220) and luxury cars (0.26%, $112) showing the largest percentage decreases. Full-size cars were the only segment to gain value, up 0.22% ($50).
Used-vehicle retail prices also declined for the week, with the 14-day moving average listing price down $100 to $38,200. Auction sale rates, which hit their lowest level of the year the previous week, fell again, averaging 31.9% with a low of 16.5% and a high of 50.8%.
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That’s a stark contrast to the U.S. market, where sales rates rose to 60%, though CBB analysts noted that increase was accompanied by accelerated depreciation. The overall market fell 0.54%, almost double the typical seasonal decline of 0.28%.
