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 July 26 and August 25, 2020, national median new and used vehicle listing prices recorded declines for the fourth consecutive month while the autoTRADER.ca marketplace observed another record month for visitor traffic at 25 million visits, following a three-month high.
This surge in consumer demand, coupled with a shortage of vehicle availability has led to a supply and demand mismatch in the market. This dynamic typically results in increased vehicle prices but other factors such as the increase in unemployment rates and uncertainty in the market appear to be weighing prices in the opposite direction. We will continue to monitor pricing behaviour as longer-term pandemic impacts on supply begin to materialize and report our findings in next month’s Price Index.
National new and used vehicles decline for fourth consecutive month
The median retail price of a new vehicle across Canada settled at $36,470 in August, representing a decline of 7.2 per cent year-over-year and 2.9 per cent month-over-month. Meanwhile, the median price of a used vehicle was $17,488, accounting for a 5.5 per cent decrease year-over-year and a 1.8 per cent decrease compared to last month. This decline in used vehicle prices has occurred consistently since May 2020.
New trucks record first month-over-month price increase since April
After three months of consecutive pricing declines, the median price of new trucks finished the month at $55,243, accounting for a 1.1 per cent increase month-over-month basis and 2.9 per cent increase year-over-year. When examining other body types on the market, new sedans settled the month at $28,045 representing a month-over-month decrease of 0.4 per cent and a year-over-year increase of 2.9 per cent. New SUV prices experienced a decline of 0.9 per cent month-over-month and 2.0 per cent year-over-year arriving at $36,157.
Used vehicles experienced declines across all body types. SUVs settled at $20,949, a decline of 0.2 per cent month-over-month and 4.8 per cent year-over-year. Used truck prices recorded a 0.4 per cent decline
month-over-month and 6.7 per cent year-over-year, while used sedan prices recorded a 0.7 per cent decline month-over-month and 3.3 per cent decline year-over-year.
North American vehicle prices continue downward slide
New North American vehicles, which settled at $48,307, saw a 1.4 per cent dip month-over-month and 0.8 per cent year-over-year. European new vehicles finished the month flat at $50,780 accounting for an increase of 0.1 per cent month-over-month and 0.2 per cent year-over-year.
New vehicles manufactured in Asia experienced a month-over-month decline of 1.4 per cent but an increase of 2.5 per cent year-over-year. We are seeing most of the year-over-year pricing gains dissolve as dealers look to move inventory and interest rates remain favourable for Canadian consumers.
Used vehicle prices are down across Asian and Domestic manufacturers. North American vehicles continued to experience a decline in August with a 1.6 per cent decrease month-over month and a 10.0 per cent decline year-over-year. Asian manufacturers also experienced a similar decline as the median price of used vehicles were down 3.0 per cent year-over-year at $15,990, despite remaining level month-over-month. Used European vehicle prices are up 1.7 per cent month-over-month and 3.9 per cent year-over-year with a median price of $23,889.
Alberta, Manitoba and Saskatchewan record highest median vehicle prices while prices in Québec and Atlantic Canada remain most affordable
Looking at how regionality impacts prices across Canada, new vehicle prices are down in all provinces once again. Atlantic Canada experienced the largest pricing decline of 5.3 per cent month-over-month followed by British Columbia with a 2.6 per cent decline, and Manitoba and Saskatchewan with a 1.9 per cent decline. Alberta currently has the highest median new vehicle price at $43,006 compared to Atlantic Canada, with the lowest median price of $32,130.
Used vehicle prices are experiencing declines in Ontario, British Columbia and Québec, while prices increased month-over-month in Atlantic Canada and remained level in Alberta this month. Manitoba and Saskatchewan recorded the largest month-over-month decline of 4.1 per cent, while prices in Atlantic Canada experienced an increase of 2.2 per cent. The highest used vehicle prices are found in Manitoba and Saskatchewan at $20,999 while Québec remains the most economical at $15,995.
These were the Top 5 Most Searched vehicles during August of 2020 on autoTRADER.ca’s marketplace:
- Ford F-150 (#1)
Median price new: $52,814
Median price used: $24,000
- Ford Mustang (#2)
Median price new: $44,080
Median price used: $25,500
- BMW 3-Series (#3)
Median price new: $58,169
Median price used: $17,900
- Mercedes-Benz C-Class (#4)
Median price new: $60,681
Median price used: $28,500
- Honda Civic (#6)
Median price new: $31,070
Median price used: $8,784
- Porsche 911 (#5)
Median price new: $164,687
Median price used: $109,888
- Chevrolet Corvette (#7)
Median price new: $88,368
Median price used: $47,500
- Toyota RAV4 (#10)
Median price new: $32,683
Median price used: $21,495
- BMW M (#9)
Median price new: $100,754
Median price used: $54,999
- Jeep Wrangler (#9)
Median price new: $54,042
Median price used: $30,815
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.