After years of record-breaking sales, the Canadian automotive industry may be slowing down, but it shows no signs of stopping, which could be good for consumers looking to get a deal on a new car. According to in-depth pricing data from the autoTRADER.ca Price Index, the overall median listing price of new vehicles as of September 2019 is at the lowest point it has been all year at $38,866.
Prices have risen by a slim 1.6 percent and 10.6 percent for new and used vehicles, respectively, compared to the same time last year. New vehicle prices have declined 1.1 percent month-over-month. This indicates a relatively stable market as supply shifts to account for increases earlier in the year. New vehicle inventory increased by as much as 20,000 vehicles from April to May before levelling off in June through August. In September, the median price fell below $39,000 as new inventory decreases.
Used sedans continue to see the largest year-over-year price increase at 7.2 percent. New SUVs saw the lowest year-over-year price increase at 0.7 percent. Near the start of this year, new vehicle inventory increased as dealerships brought in new stock during those periods, aligning with new model releases and heightened consumer demand.
In September 2019, the highest year-over-year increase for new vehicles was in the Atlantic region at 7.8 percent. For used vehicles, Manitoba and Saskatchewan have experienced the largest year-over-year median price increase at 13.9 percent, followed by Ontario at 11.2 percent. In addition, month-over-month prices in these regions have started to stabilize, whereas in September 2018, prices were on the decline. Prices for used vehicles on the other hand, grew by 10.6 percent compared to the same time last year.
Interestingly, Asian-based manufactured new vehicles were the only segment that saw a decrease in price year-over-year. Asian-based manufactured used vehicles also saw the most significant increase in price year-over-year in July 2019 with a 10.3 percent increase. These were the top 10 most searched vehicles in September 2019 on the autoTRADER.ca marketplace:
1. Ford F-150
Median price new: $57,627
Median price used: $30,995
2. Ford Mustang
Median price new: $47,168
Median price used: $24,995
3. BMW 3-Series
Median price new: $59,278
Median price used: $20,389
4. Mercedes-Benz C-Class
Median price new: $54,480
Median price used: $26,888
5. Honda Civic
Median price new: $25,046
Median price used: $10,488
6. Porsche 911
Median price new: $169,900
Median price used: $109,900
7. BMW M
Median price new: $109,017
Median price used: $59,900
8. Jeep Wrangler
Median price new: $47,380
Median price used: $28,995
9. Mercedes-Benz E-Class
Median price new: $77,593
Median price used: $30,500
10. Chevrolet Corvette
Median price new: $83,994
Median price used: $59,900
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 associated with 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 in the last month.
