The autoTRADER.ca Price Index offers a monthly view of the Canadian automotive market, bringing you the latest in pricing shifts and trends over time. autoTRADER.ca continues to closely monitor car pricing trends month-over-month and year over-year, leveraging robust data from over 450,000 new and used vehicle listings from Canada’s largest automotive marketplace. Between May 26 and June 25, 2020, national median new and used vehicle prices experienced a decrease, while new vehicle price increases were revealed when examining data by category.
The median retail price of a new vehicle across Canada settled at $39,075. When compared to 2019 prices, this represents a modest decline of 0.1 per cent. Alternatively, when we compare to the median price of a new vehicle last month, this accounts for a decline of 1.8 per cent. Meanwhile, the median used vehicle cost Canadians $17,995, which accounts for a 4.8 per cent decrease year-over-year and a 4.7 per cent decrease month over-month. We will continue to closely monitor the Canadian automotive pricing landscape as it evolves and share our findings in next month’s Price Index.
New sedan prices increase while used prices dip across all body types
When we examine pricing by body type, our data indicates that new SUVs experienced the largest decline at 1.3 per cent month-over-month and a decline of 0.9 per cent year-over-year, finishing the month at $36,804. Trucks closed the month at $54,811 accounting for a 0.2 per cent decrease on a month-over-month basis and an increase of 3.5 per cent year-over-year. New sedan prices increased by 0.7 per cent month-over-month and continue to remain above 2019 results by 5.9 per cent. When it comes to the used market, we are observing price declines across all body types. SUVs settled the month at $21,216 representing a decline of 3.4 per cent month-over-month and a 7.2 per cent decline year-over-year. Sedan prices, which have remained flat on a month-over-month basis since August 2019 experienced a 2.2 per cent decline since last month. Trucks also saw a pricing decline of 3.0 per cent, signifying that the used market has become more affordable for Canadians in June.
Median price of used North American vehicles dips below $20,000
Manufacturer region of origin data indicates North American new vehicles settled at a median price of $50,135, representing a 1.6 per cent decrease month-over-month, however, prices are up 3.8 per cent versus last year. European new vehicles on the other hand, settled at $52,412 accounting for a 1.5 per cent increase month-over-month and a 7.4 per cent increase year-over-year. Asian manufactured vehicles have experienced a month-over-month growth of 0.3 per cent and are currently 5.5 per cent up versus last year. European vehicles have finally begun to demonstrate year-over-year growth after a period of sustained decreases. North American vehicle pricing, however, is demonstrating a downward trend which we will monitor closely over the coming months. Used vehicle prices are down across the board for manufacturer region of origin. North American vehicles have experienced the largest decline in June with a 5.0 per cent decline month-over-month finishing at $18,999. This marks the first time since October 2019 the North American market has experienced median prices under $20,000. Used European vehicles also experienced a decline, settling June at $22,995, a 2.5 per cent reduction compared to May. Asian manufacturers also experienced a similar decline with the median price of used vehicles finishing the month at $16,442, accounting for a 3.2 per cent decrease month-over-month.
New vehicle prices in BC, Ontario and Québec experience year-over-year uptick amidst widespread regional pricing downturn
Looking at how regionality impacts prices across Canada, new vehicle prices are down month-over-month across the country. British Columbia experienced the largest pricing dip with a 3.1 per cent month-over-month decline followed by Québec with a 2.1 per cent decline, Manitoba and Saskatchewan with a 1.9 per cent decline and Ontario experiencing a 1.5 per cent decline. From a new car perspective, Ontario, Québec, and British Columbia are the only provinces that remain above 2019 price levels, currently up 3.6, 2.8, and 1.8 per cent respectively. The story is similar for used cars across Canada as all regions experienced a decline in both month-over-month and year-over-year prices. British Columbia saw an 8.2 per cent decline month-over-month, while Alberta experienced a decline of 5.8 per cent. Year-over-year, British Columbia vehicle prices are down 9.6 per cent, with Manitoba and Saskatchewan experiencing a 7.6 per cent decline, and Alberta seeing a 6.7 per cent decrease.
These were the Top 5 Most Searched vehicles during June of 2020 on autoTRADER.ca’s marketplace:
- Ford Mustang (#1)
Median price new: $44,465
Median price used: $27,998
- Ford F-150 (#2)
Median price new: $54,434
Median price used: $29,500
- BMW 3-Series (#3)
Median price new: $60,081
Median price used: $18,500
- Mercedes-Benz C-Class (#4)
Median price new: $61,701
Median price used: $27,995
- Porsche 911 (#5)
Median price new: $167,444
Median price used: $108,000
- Chevrolet Corvette (#6)
Median price new: $87,072
Median price used: $44,000
- Honda Civic (#8)
Median price new: $30,918
Median price used: $9,444
- BMW M (#7)
Median price new: $110,202
Median price used: $52,928
- Jeep Wrangler (#10)
Median price new: $51,347
Median price used: $32,459
- Mercedes-Benz E-Class (#9)
Median price new: $85,967
Median price used: $27,800
Released monthly, the autoTRADER.ca Price Index provides a snapshot of the Canadian automotive market to bring a level of transparency to the vehicle buying process. Analyzing pricing data from autoTRADER.ca’s marketplace of over 450,000 listings, tracking new and used vehicle pricing allows our data experts to identify how prices are trending nationally and provincially, along with the most searched models by consumers.
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