CARY, N.C. -

Make it 16 weeks straight declines for both car and truck/SUV segment group values.

According to Tuesday’s Canadian Auto Market Update from Canadian Black Book, car values were down 0.26% last week, truck/SUV values fell 0.17% and the overall market decline was 0.22%.

Despite the continued weekly softening in prices, the year opened with the highest-ever monthly reading of the Canadian Black Book Used Retention Index.

That came in at 112.5, which beat December’s index by 0.9% and the year-ago level by 3.9%.

“Although prices in the market have been trending downwards, in absolute dollars, when adjusted for seasonality this index clearly shows that prices in Canada for used vehicles, in terms of the amount they are retaining of their when-new price, are at an all-time high,” CBB said in the report. “With used vehicles in such short supply this has propelled prices to new heights in Canada.

“Supply is currently far short of demand in the marketplace.”

Going back to the weekly movements, the declines continue.

The car segment decline, which CBB was a bit larger than seasonally expected, improved from a 0.29% dip the prior week and was steeper than the 0.22% 24-month average decline.

For trucks/SUVs, the decline was more in line with typical rates and improved upon a 0.19% dip the prior week and the 0.21% 24-month average.

The market decline was slightly better than the 0.24% dip the week prior and slightly worse than the 0.21% 24-month average.

“As the industry approaches the time of year when retailers are expected to begin to stock up on product for the spring, it remains to be seen what impact pandemic-related uncertainty and a slow COVID-19 vaccination rollout will have in the marketplace and on the mindset of the normally enthusiastic spring car shoppers,” CBB said in the report.

CBB also broke down the individual segment movements with the car and truck/SUV groups.

Starting with cars, all but two segments (premium sporty and prestige luxury, both up 0.05%) showed declines. The most notable was the near-luxury car (down 0.63%).

On the truck/SUV side, three segments showed increases, led by the subcompact luxury crossovers (up 0.35%). Small pickups (up 0.08%) and full-size crossover SUVs (up 0.02%) also showed gains.

The steepest decline among trucks was the compact luxury crossover/SUV (down 0.46%), followed by the compact crossover/SUV segment not far behind (0.44%).