The average price of a new vehicle in Canada has hit a record high of $66,288, according to new data released by Autotrader.
New vehicle prices throughout Canada were 21% higher in June than a year earlier, said Autotrader, adding that used vehicle prices increased 4.1% last month to reach an average of $39,645.
The rising prices come even though vehicle inventory levels have improved over the past 12 months, falling by more than 50%.
Chip shortages and supply chain issues had left new vehicles in short supply across Canada coming out of the Covid-19 pandemic.
The average price of a new truck in Canada during the month of June was $75,072, up 7% from the same month in 2022, while the average price of a sport utility vehicle (SUV) was $61,285, up 16% year-over-year.
Canada’s automotive sales have been strengthening this year.
DesRosiers Automotive Consultants reported a 12.6% increase in automotive sales across the country in June from a year earlier.
