The ADESA Canada Used Vehicle Price Index
The ADESA Canada Used Vehicle Price Index has been updated through February. The index was up slightly after being adjusted for seasonality. Wholesale prices rose on average by about 0.1% M-o-M.
The Canadian economy stumbled in February – consumer confidence fell 2.2 points to 80.8 amid concerns about the strength of the future job market, the unemployment rate remained at 7.0% as more people were searching for work and national gasoline prices spiked by approximately $0.06 per litre to end the month at $1.30 per litre. In addition, the Canadian dollar plummeted to an eight month low of $0.974 against the US greenback on February 26th.
Light duty vehicle sales for the month of February decreased 3.3% from sales a year ago to 103,226. February marked the third straight month of modest sales declines although February’s sales – like January’s – were still better than the five year average for the month.
Total passenger car sales fell 4.2% in February to 44,359 units, while light truck sales were down 2.6% to 58,867 units.
Price movements were mixed in February. Minivans declined 7.2%($689), reversing approximately half of the increase from January. Midsize cars and Midsize SUV’s were essentially unchanged, with price declines of $25 and $5, respectively. Mid Compact cars rose 2.1%($158) while Compact SUV’s increased 2.7%($349). Fullsize Pickups were up considerably, rising by 5.5%($995).