Our latest AutoTrader Price Index tells a story of two sides of the same coin. For new cars, price increases are sustained by a ramp up in consumer demand as supply falls short of the mark. In contrast, used car prices have softened – a month-over-month trend that first became evident in June of this year. The decline in used vehicle prices appears to be driven by an increase in inventory availability as well as global economic uncertainty. An analysis of inventory levels on AutoTrader.ca shows a 24% lift in used vehicle marketplace listings compared to the same time period last year. Although used vehicle demand remains strong, the market is softening compared to the peak, which lasted from mid-2020 to the first half of 2022.
For a fulsome view of our latest AutoTrader Price Index, click here to get your copy of the report.