The October ADESA Canada Used Vehicle Price Index ticked higher after being adjusted for seasonality, reversing the majority of September’s decline.
ADESA’s data — powered by ALG Canada — indicated wholesale prices rose on average by about 1.0 percent month-over-month.
While the overall reading inched higher, ADESA found price movements by segment were mostly lower last month.
The midsize SUV segment was the only one to record price appreciation, increasing by 15.8 percent or $2,184.
“Very few midsize SUV’s are sold each month, and this reversed a dramatic decline in prices seen in September,” analysts said.
Price declines among the remaining segments were fairly consistent with midsize cars dropping 5.2 percent or $467, minivans falling 4.9 percent or $379, mid compacts sliding 4.7 percent or $305 and compact SUVs declining 4.0 percent or $469.
Analysts added full-size pickups had more moderate price drops, falling 0.9 percent or $140.
Turning to a look at the new-vehicle market, ADESA highlighted a memorable month. Canadian new-vehicle sales for October increased 7.8 percent from sales a year ago to 135,476 units.
“Indeed, this is the best October ever, beating the previous record from 2002 when sales climbed to 134,694 units,” analysts highlighted.
Year-to-date, overall sales are up 6.8 percent to a total of 1,441,014 vehicles sold.
The passenger car market continued September’s trend of increased growth with sales climbing by a robust 16.3 percent in October. In contrast, truck sales remained relatively stagnant increasing by only 1.7 percent compared to October of last year.
Analysts said the Canadian economy continued to exhibit resiliency last month. They mentioned consumer confidence declined marginally by 1.1 points to 81.1, reflecting the uncertainty of the U.S. election outcome.
ADESA also pointed out the unemployment rate remained unchanged at 7.4 percent and national gasoline prices dropped sharply by approximately $0.10 per liter to end the month at $1.21 per liter.
“In addition, the Canadian loonie continued to trade slightly above parity against the U.S. greenback,” analysts said.