A “cautious” slowdown hit the Canadian used vehicle market where wholesale values are concerned for the week ending on July 9, according to Canadian Black Book.
In its latest auto market update, CBB said used wholesale values were down 0.41% from the prior week, and that the same price softening was seen in both the car (-0.33%) and the truck/SUV (-0.50%) segments.
“The Canadian wholesale market continues to level off, with the first overall decrease seen in months,” said CBB. “Supply remains low with demand slightly cooling on both sides of the border.”
The sub-compact car segment (-0.81%) experienced the biggest wholesale price decline in the overall car category, followed by mid-size cars (-0.76%) and near-luxury cars (-0.74%). On the flip-side, sports cars were the only segment to see prices increase for the week (+0.13%).
On the truck/SUV front, compact crossover/SUV (-1.35%) values were down the most in the overall segment, followed by subcompact crossovers (-0.81%) and mid-size crossover/SUVs (-0.74%). However, compact vans (+0.42%) and small pickups (+0.41%) experienced week-over-week price increases—the only two segments in the truck/SUV segment to do so this past week.
In other news, the CBB Used Vehicle Retention Index (which tracks the retained value performance of two- to six-year-old vehicles) reached another new all-time record in June 2021. Having reached 125.1 points, the new index eclipses the previous record of 123.6 Index points (just last month) by 1.5 points. CBB said this is the 12th consecutive month of increases, and the 10th with an all-time record high.
“Year-over-year, the index is up 24.5% from 100.5 points in June of 2020, which is the largest year-over-year increase in the history of the Index,” said CBB. “For June 2021, most segments that Canadian Black Book measures saw increases, with the only exception being the Sub-Compact Car segment which remained flat vs. May 2021.”
You can read the full report here.