autoTRADER.ca closely monitors Canadian car pricing trends month-over-month and year-over-year, leveraging robust data from over 450,000 new and used vehicle listings on the marketplace. Listing data collected from April 26 to May 25, 2020 shows a slight continued average decrease in new and used vehicle prices. However, as retailers across the country begin to resume regular business operations, they are being met with renewed interest from consumers.
In the month of May alone, autoTRADER.ca observed an all-time high of 20 million visits, representing a 15 per cent year-over-year increase in traffic on the marketplace. This uptick could indicate an influx of Canadians seeking to purchase or replace a vehicle. 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 show slight decline month-over-month. In May 2020, the median price of a new vehicle across Canada settled at $39,799. This represents a slight dip of 0.8 per cent compared to average prices from the month prior. Meanwhile, the median price of used vehicles in May was $18,888, marking a 0.6 per cent decline month-over-month. We are observing pricing shifts as automotive retailers re-examine inventory and begin to resume normal business operations.
New SUV prices dip, while sedan and truck pricing remain steady year-over-year.
Pricing data by vehicle body type shows that the average price of new SUVs experienced a greater drop in May compared to the price of sedans and trucks. The average price of a new SUV is currently $37,285, which represents a decrease of 1.0 per cent month-over-month and 1.3 per cent year-over-year. Trucks settled at $54,929 accounting for a 0.4 percent drop month-over-month and an increase of 2.0 per cent year-over-year. As for new sedans, the category experienced an increase of 0.3 per cent month-over-month and 3.3 per cent year-over-year. We are observing similar trends with used vehicles. The average price of used SUVs was $21,968 with a decline of 1.5 per cent month-over-month and 4.4 per cent year-over-year. Used trucks and sedans remained flat month-over-month, with year-over-year declines of 0.3 and 2.6 per cent respectively.
Despite significant gains year-over-year, new North American vehicles experience price decline month-over-month
Despite a year-over-year price increase of 5.4 per cent, North American new vehicles, which settled at a median price of $50,931, experienced a 1.1 per cent drop from April to May 2020. In contrast, new European vehicles settled at $51,617, accounting for a 1.8 per cent increase month-over-month, and a 1.5 per cent decline year-over-year. New Asian manufactured vehicles experienced a 0.4 per cent increase month-over-month in May, at $32,290, up 4.6 per cent year-over-year. Prices for new North American and Asian vehicles continue to remain relatively strong year-over-year, while European vehicles remain below 2019 levels.
The used market experienced limited fluctuation with Asian manufactured vehicles experiencing no pricing change month-over-month and an increase of 1.2 per cent year-over-year. Used European vehicle prices settled the month at $23,597, a decline of 1.3 per cent versus last month however, they remain 0.5 per cent above the same period last year. North American vehicles lost gains from the previous month settling at $20,000, a 4.7 per cent decline month-over-month. This mirrors their year-over-year decline of 4.7 per cent.
Canada’s most densely populated regions experience pricing declines, while other provinces see an increase.
In Canada’s most populated regions — Ontario, Québec, British Columbia, and Alberta — new vehicle prices experienced varying levels of decline. Alberta experienced the largest drop, down 2.8 per cent month-over-month and 3.8 per cent year-over-year. This is only the second instance in autoTRADER.ca Price Index history that the province has experienced a year-over-year decline in new prices, with the first dip of 0.7 per cent recorded in September 2019. Meanwhile, Ontario, Québec and BC each experienced a month-over-month decline of 0.1, 0.8 and 1.7 per cent respectively. Manitoba and Saskatchewan on the other hand experienced the largest increase with a month-over-month rise of 1.0 per cent, while the Atlantic Region encountered a 0.4 per cent lift.
Used vehicle prices on the other hand sustained a month-over-month decline across all provinces, except for Québec where prices remained flat. Alberta once again experienced the largest decline at 3.0 per cent, followed by the Atlantic Region at 2.7 percent, Ontario at 2.4 per cent, Manitoba and Saskatchewan at 2.2 per cent, and BC at 2.0 per cent month-over-month. Québec remains the province with the most affordable new and used vehicles across Canada.
Ford Mustang maintains #1 position as the top searched vehicle in Canada.
For the second consecutive month, Canadians are searching for the Ford Mustang more than any other vehicle on autoTRADER.ca. This follows an initial drop in search interest for the Ford F-150, which fell to fourth position in April after consistently ranking as Canada’s top searched vehicle for over five years. However, the popular pickup truck appears to be mounting a comeback in May as it rises to the second slot. Car shoppers are swapping sport for utility as the Jeep Wrangler makes its return to the Top Searched list at number 10, while the Chevrolet Camaro falls off the list after making a surprising appearance at ninth spot last month, up from 18th the month prior. The Mercedes Benz C-Class and the Honda Civic are climbing the ranks at fourth and eighth position respectively, while the Mercedes Benz E-Class slips one spot to number nine.
These were the Top 5 Most Searched vehicles during May of 2020 on autoTRADER.ca’s marketplace:
- Ford Mustang (#1)
Median price new: $46,375
Median price used: $27,888
- Ford F-150 (#4)
Median price new: $55,554
Median price used: $29,927
- BMW 3-Series (#3)
Median price new: $59,198
Median price used: $18,900
- Mercedes-Benz C-Class (#5)
Median price new: $62,362
Median price used: $28,888
- Porsche 911 (#2)
Median price new: $166,884
Median price used: $113,888
- Chevrolet Corvette (#6)
Median price new: $84,778
Median price used: $49,900
- 7. BMW M (#7)
Median price new: $112,604
Median price used: $52,888
- Honda Civic (#10_
Median price new: $31,945
Median price used: $9,988
- Mercedes-Benz E-Class (#8)
Median price new: $85,637
Median price used: $27,995
- Jeep Wrangler (#11)
Median price new: $51,248
Median price used: $30,998
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 450,000 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.
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