autoTRADER.ca continues to closely monitor Canadian car pricing trends month-over-month and year-over-year, leveraging robust data from over 450,000 new and used vehicle listings on Canada’s largest automotive marketplace. Pricing data collected from March 26 to April 25, 2020 shows limited fluctuation in average vehicle pricing nationwide. Despite changing conditions, Canadians can expect to see stable prices in market. As the COVID-19 pandemic continues to create ripples through the Canadian economy, it is encouraging to see automotive prices remain level. We will continue to closely monitor the Canadian automotive pricing landscape as it evolves and share our findings in next month’s Price Index.
Average new and used vehicle prices stabilize month-over-month
The median retail price of a new vehicle across Canada in April 2020 has settled at $40,115, a marginal increase of 0.8 percent year-over-year and 0.2 per cent month-over-month. Meanwhile, the median used vehicle price of $18,995, remaining stable with a 0.1 per cent increase both year-over-year and month-over-month. Overall, the data suggests that average new and used vehicle prices continue to remain stable despite current conditions.
Truck prices rebound from declines in March with increase in April
When we examine prices by vehicle segment, data indicates that average new and used truck prices have recovered from the decline experienced last month, although still below levels experienced in February 2020.
Median truck prices in April registered at $55,170 for new and $29,888 for used, reflecting a month-over-month increase of 0.5 per cent for new and 1.4 per cent for used. New sedan prices experienced a minor decline of 0.2 per cent month-over-month at $28,398, while new SUV prices remained flat at $37,665. Similarly, used sedan and SUV prices remained unchanged month-over-month.
Used North American and European vehicle prices experience month-over-month growth
Interestingly, the average prices for used North American and European vehicles have grown 4.9 per cent and 1.7 per cent respectively compared to March 2020. Prices for used Asian manufactured vehicles remain flat, with no change month-over-month. New North American, European and Asian manufactured vehicles experienced month-over-month increases of 0.5, 0.3 and 0.1 per cent respectively.
BC, Ontario and Québec new vehicle prices bounce back from slight decrease
New vehicle prices are up across the country. New vehicle prices in British Columbia experienced the largest lift across the country, up 0.7 per cent month-over-month. This is followed by Ontario and Québec, which also saw increases of 0.5 and 0.1 per cent respectively. Alberta experienced the largest month-over-month drop with a 1.1 per cent decline compared to March. Additionally, Atlantic Canada and Manitoba and Saskatchewan also experienced declines of 1.0 and 0.1 per cent month-over-month. This suggests some of the other regions in Canada are also starting to see early signs of the modest declines reported in BC, Québec and Ontario last month.
Similarly, used vehicles in Ontario and Alberta experienced gains month-over-month of 0.8 and 0.4 per cent respectively, while used prices in Manitoba, Saskatchewan and Atlantic Canada dropped by 2.1 per cent. Average prices for used vehicles in Québec and BC remained flat.
National top searched vehicles list sees significant impact during COVID-19
Search data reveals changes to vehicle search patterns among Canadians. As of April 25th, the vehicle Canadians are searching for most on autoTRADER.ca is the Ford Mustang. This marks a continued shift as the Ford F-150, now the third most searched vehicle nationally, previously occupied the top spot for years. The popular pickup truck is not the only model to have experienced a shift in search interest, with the Honda Civic falling five positions to the 10th spot and the Mercedes Benz C-Class dropping one spot to fifth.
Other vehicles are climbing the list, including the Porsche 911, which moved up to second place from sixth, and the Mercedes Benz E-Class went from 10th position to eighth most searched on the marketplace. In the past month, Canadians have also shown increased interest in new models.
Notably, the Chevrolet Corvette and Camaro made their top searched debut at number six and number nine respectively, up from 11th and 18th.
These were the Top 5 Most Searched vehicles during April of 2020 on autoTRADER.ca’s marketplace:
- Ford Mustang
Median price new: $47,328
Median price used: $27,688
- Porsche 911
Median price new: $165,706
Median price used: $112,993
- BMW 3-Series
Median price new: $59,421
Median price used: $18,995
- Ford F-150
Median price new: $53,568
Median price used: $29,900
- Mercedes-Benz C-Class
Median price new: $61,910
Median price used: $28,900
- Chevrolet Corvette
Median price new: $84,312
Median price used: $52,995
- BMW M
Median price new: $109,750
Median price used: $55,911
- Mercedes-Benz E-Class
Median price new: $86,350
Median price used: $27,990
- Chevrolet Camaro
Median price new: $43,389
Median price used: $26,900
- Honda Civic
Median price new: $31,945
Median price used: $9,800
Released monthly, the autoTRADER.ca Price Index provides a snapshot of the Canadian automotive market to bring a level of transparency to the vehicle buying process. Analyzing pricing data from autoTRADER.ca’s marketplace of over 400,000 listings, tracking new and used vehicle pricing allows our data experts to identify how prices are trending nationally and provincially, along with the most searched models by consumers. To see previous Price Index reports, click here.