Wholesale vehicle prices in Canada continue downturn as 2022 closes
Wholesale vehicle prices in Canada finished 2022 with a steeper decline than what’s typical for the final week of the year, according to the Market Insights report released Tuesday by Canadian Black Book.
Specifically, there was a 0.44% decline in used-car prices for the week ending Dec. 31, CBB said. While that was the same as the prior week’s drop, it is greater than the 0.35% average decline for the same weeks of 2017 through 2019.
Car segments fell 0.44%, compared to a 0.48% dip the prior week, while truck segments softened 0.45%, versus a 0.40% drop the week before, CBB said.
The only segment, car or truck, that saw an increase in value was the compact van segment, which climbed 0.54%. Prices for the remainder of the vehicle segments in CBB’s data set declined to close 2022. Full-size cars had the sharpest decline at 1.46%.
“The Canadian wholesale market decreased further last week. The overall decreases were larger than the historical average,” CBB said in the report.
“Supply remains low with demand for more recent and clean condition vehicles on both sides of the border,” it said. “Upstream channels continue to tap supply before it can be available to wholesale markets.”