{"id":266764,"date":"2025-11-07T01:52:22","date_gmt":"2025-11-07T01:52:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/266764\/"},"modified":"2025-11-07T01:52:22","modified_gmt":"2025-11-07T01:52:22","slug":"used-car-prices-are-dropping-slightly-in-canada-but-remain-high-national","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/266764\/","title":{"rendered":"Used car prices are dropping slightly in Canada, but remain high – National"},"content":{"rendered":"

Canadians looking to buy\u00a0a used vehicle<\/a> may find some small price relief amid years of soaring costs, though the prices remain higher than a year ago.<\/p>\n

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New data from Canadian Black Book<\/a> shows the average listing price for a used vehicle was $37,260 in the week ending Nov. 1.<\/p>\n

That\u2019s down slightly from about a month earlier at $37,650, and nearly a thousand dollars less than the average $38,200 in June.<\/p>\n

The data comes as affordability and value remain priorities for many Canadians struggling with the high cost of living<\/a>, rising unemployment<\/a> and an uncertain economy brought on by the trade war and U.S. tariffs<\/a>.<\/p>\n

Despite more recent declines, prices are still elevated compared with a year ago, when the average listing price was $34,250 in the week ending Nov. 2, 2024.<\/p>\n

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Autotrader reports<\/a> that in September, the average used car price was $36,911, which was up 3.2 per cent from a year earlier but down from $37,664 in June.<\/p>\n

For a new vehicle, the average price in Canada was $63,264 in September, which is down from $64,445 in June, according to Autotrader.<\/p>\n

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat\u2019s driving used car prices\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

The Canadian Black Book describes a stable supply of used vehicles available for purchase on the wholesale market overall despite \u201ceconomic uncertainty\u201d and \u201cpolitical factors\u201d \u2014 alluding to the trade war and tariffs.<\/p>\n

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Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.<\/p>\n

At the same time, demand for those vehicles by consumers remains strong for now.<\/p>\n

\u201cSales rates across auction lanes have shown ongoing fluctuations, influenced by economic uncertainty, political factors, and sellers maintaining firm floor prices,\u201d the Canadian Black Book says.<\/p>\n

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\u201cSupply has stabilized and returned to regular levels; however, upstream channels continue to hold priority sale access to inventory. Buyer demand for high-quality vehicles at auctions on both sides of the border persists.\u201d<\/p>\n

This means that although wholesale used car buyers may be faced with inconsistent options at times, there is still a good selection of used cars available for would-be buyers.<\/p>\n

If there are lots of cars available, that could help keep prices stable for potential buyers.<\/p>\n

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But while there are used cars available, buyers may not be as eager right now to make a big purchase because of general affordability concerns.<\/p>\n

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Prices may fall even further if demand for cars falls, and vehicles currently available for purchase aren\u2019t selling fast enough to make room for more on the way.<\/p>\n

\u201cFor this economic climate, the car markets in general have digested a rising unemployment rate and rising inflation,\u201d says Daniel Ross, senior manager of industry insights and residual value strategy at Canadian Black Book.<\/p>\n

\u201cOverall, personal finances are getting worse in expectation of probably a retail goods market for the holidays that is probably going to be kind of weak, and that\u2019s first seen here in the used car market.\u201d<\/p>\n

A recent survey from PwC Canada<\/a> showed the majority of Canadians are planning to pull back on spending during the holiday shopping season, which means a big purchase item like a vehicle may be lower on the list of priorities right now.<\/p>\n

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tState of Canada\u2019s automobile industry\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

On Oct. 29, the Bank of Canada cut its benchmark interest rate<\/a> by a quarter per cent to 2.25 per cent, and cited the weaker economy amid tariffs and the trade war and rising unemployment.<\/p>\n

By cutting rates, the central bank aims to give the economy some room for businesses to invest and consumers to spend, because borrowing rates may be lower for many.<\/p>\n

With lower interest rates, financing or leasing a vehicle could become more affordable as car dealerships may be able to offer more competitive borrowing rates for consumers.<\/p>\n

\n\t\t&copy 2025 Global News, a division of Corus Entertainment Inc.\t<\/p>\n","protected":false},"excerpt":{"rendered":"Canadians looking to buy\u00a0a used vehicle may find some small price relief amid years of soaring costs, though…\n","protected":false},"author":2,"featured_media":266765,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,122905,122906,1849,46,82589],"class_list":{"0":"post-266764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-car-buying","12":"tag-car-prices","13":"tag-consumer","14":"tag-economy","15":"tag-used-cars"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/266764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=266764"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/266764\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/266765"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=266764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=266764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=266764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}