The OPENLANE Canada Used Vehicle Price Index has been updated through August 2024. The index increased by 1.2% after being adjusted for seasonality.

August year over year automotive sales improved approximately 5.5%, but sales are off about 8.5% from average pre-pandemic August sales. The current environment sees the increasing use of incentives, used supply is closer to recovery, MSRP inflation seems to have tempered vs the last few years and Canadians continue to be burdened with a high cost of borrowing. Consumer confidence appears to be cooling as we step further into the back half of 2024.

In our near-term outlook, we are seeing the deterioration of record high used values and while retention is decreasing, it is historically strong.  Our longer-term outlook forecasts that dollar values will remain elevated but overall retention will return to historical norms.

Price movements by segment were positive in August. Midsize showed the most increase at 11.2% ($2,003), Mid Compact at 4.6% ($732), Compact SUV at 4.1% ($799), Midsize SUV at 3.6% ($831), Minivans at 3.3% ($682), and Fullsize Pickup at 3.1% ($1,009).