Used vehicle prices across Canada are starting to decline but remain above historic trend lines, according to a new survey by DesRosiers Automotive Consultants.
The automotive consultant said that used vehicle prices continued to moderate in the first half of this year following a spike during the Covid-19 pandemic.
However, prices remain higher than in the past amid ongoing problems sourcing used vehicles.
The poll of Used Car Dealers Association members found that 34% of used car dealers reported price decreases compared with the first half of 2022, while 44% said they saw prices increase.
Less than a quarter (25%) of used car prices were stable year-over-year in the first half of 2023, according to the poll.
For SUVs, 36% of dealers reported price decreases and 41% saw prices rise. Concerning pick-up trucks, 39% of dealers said prices declined while 36% said prices rose.
Difficulties sourcing used vehicles have been felt particularly by independent automotive dealers, with 51% saying they’re having more trouble than last year in getting cars, trucks and SUVs to their lots.
In the first half of 2023, independent dealers primarily sourced their used vehicles from auctions, according to the survey.
DesRosiers said in its analysis of the poll results that the used vehicle market in Canada saw a spike in prices between 2020 and 2022, along with a sharp drop in availability.
