autoTRADER.ca continues to closely monitor Canadian car pricing trends month-over-month and year-over-year, leveraging robust data from over 450,000 new and used vehicle listings on the marketplace. Between June 26 and July 25, 2020, national median new and used vehicle listing prices experienced declines. These continued price fluctuations provide further evidence that retailers may be seeking to drive short term inventory movement through price incentives as observed in June. We will continue to monitor and share pricing behaviour as longer-term pandemic impacts on supply are beginning to come into play.
National new and used median vehicle prices slip
The median retail price of a new vehicle across Canada settled at $37,559 in July. When comparing prices year-over-year, there was a decline of 4.1 per cent. Alternatively, when examining the price of a new vehicle month-over-month, a decline of 3.9 per cent was recorded. Meanwhile, the national median used vehicle price ($17,815), represents a 5.4 per cent decrease year-over-year and a 1.0 per cent decrease month-over-month.
New sedans and trucks experience year-over-year growth, while SUVs see decline
Pricing data by body type indicates that the median price of new sedans and trucks grew year-over-year in July. Prices for new sedans increased 3.3 per cent year-over-year to $28,145, while sedans experienced a decline of 1.9 per cent compared to last month. Median truck prices were recorded at $54,636, accounting for a 1.9 per cent increase year-over-year and 0.3 per cent decrease month-over-month. New SUVs experienced a pricing decline of 1.6 per cent year-over-year and 0.9 per cent month-over-month with a median price of $36,480. Used vehicles are encountering price decreases across various body types. Average prices for used sedans experienced the least impact compared to trucks and SUVs with a recorded decline of 2.7 per cent year-over-year and 0.4 per cent month-over-month. Price declines across median used trucks were comparable with SUVS. Used trucks experienced a 6.3 per cent decline year-over-year and 3.1 per cent decline month-over-month, while SUVs experienced a decline of 6.3 per cent year-over-year and 1.0 per cent month-over-month.
New North American, Asian and European made vehicles experience year-over-year increase despite recent month-over-month dips
New North American manufactured vehicles experienced a 0.5 per cent increase year-over-year and 2.3 per cent decrease month-over-month. European new vehicles accounted for a 0.6 per cent increase year-over-year and 3.2 per cent decline month-over-month. Asian manufactured vehicles experienced a 4.2 per cent increase year-over-year, amid a 1.4 per cent decline month-over-month. Used vehicle prices are down among Asian and North American manufactured vehicles. North American vehicles experienced the largest month-over-month decline of 3.8 per cent and 10.8 per cent year-over-year. Asian manufacturers also experienced a similar decline, as the average used vehicle listed price of $15,997, represents a 2.7 per cent month-over-month decrease. European vehicles, on the other hand, are up 2.2 per cent month-over-month at $23,499, which corresponds to an identical 2.2 percent increase year-over-year.
British Columbia and Quebec report year-over-year new vehicle price increases amidst regional price decreases
Looking at pricing behaviour by region, new vehicle prices are largely decreasing across Canada. British Columbia and Québec remain the only provinces reporting year-over-year growth currently up 0.9 and 1.1 per cent respectively. Alberta consistently maintains the highest average new vehicle price at $43,949 and Québec has the lowest average new vehicle price at $33,295. When examining short-term pricing impacts month-over-month, new vehicles in Ontario experienced the largest dip, with a 3.6 per cent decline, followed by British Columbia with a 2.8 per cent decline, and Manitoba and Saskatchewan with a 2.4 per cent decline. This trend is similar for used cars across Canada as all regions experienced year-over-year and month-over-month decreases. Year-over-year data indicates that British Columbia has experienced the largest decline down 9.2%, with Ontario experiencing the lowest decline down 1.2 per cent. Atlantic Canada experienced the largest decrease of 5.0 per cent month-over-month, while British Columbia experienced the lowest decline down just 0.1 per cent. Manitoba and Saskatchewan have the highest average used vehicle prices at $21,900 while Québec remains the most economical at $16,289.
These were the Top 5 Most Searched vehicles during July of 2020 on autoTRADER.ca’s marketplace:
- Ford F-150 (#2)
Median price new: $53,994
Median price used: $28,995
- Ford Mustang (#1)
Median price new: $44,653
Median price used: $27,144
- BMW 3-Series (#3)
Median price new: $59,301
Median price used: $18,889
- Mercedes-Benz C-Class (#4)
Median price new: $61,018
Median price used: $28,900
- Porsche 911 (#5)
Median price new: $167,444
Median price used: $99,900
- Honda Civic (#7)
Median price new: $31,945
Median price used: $9,500
- Chevrolet Corvette (#6)
Median price new: $96,030
Median price used: $49,750
- Jeep Wrangler (#9)
Median price new: $52,285
Median price used: $33,300
- BMW M (#8)
Median price new: $109,288
Median price used: $55,000
- Toyota RAV4 (#11)
Median price new: $32,956
Median price used: $22,888
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.
You may also like
