Record used-car price streak snapped, but values still up 20% from prior year

July was an interesting month for wholesale vehicle prices in Canada.

On one hand, Canadian Black Book’s Used Vehicle Retention Index was up 20.3% year-over-year, and was off a mere 0.3% from June, which was the 10th straight month of all-time highs in the index.

But perhaps more notable is the fact that the month-over-month decline was the first such dip in over a year, CBB said, and snapped the aforementioned 10-month record streak.

Specifically, CBB said in a news release, the index came in at 124.7 last month, versus June’s 125.1.

The last time the index had a month-over-month drop was June 2020.

“At some point, the incredible ascent of used values had to peak after what has been unprecedented growth,” CBB vice president of sales Yolanda Biswah said in the release.

“That said, given the depth of disruption caused by the global chip shortage and other supply chain issues, we may still see some value increases,” Biswah said.