The OPENLANE Canada Used Vehicle Price Index has been updated through April 2025. The index increased by 0.1% after being adjusted for seasonality.

April 2025 new vehicle sales were up 10% vs April 2024, similar to what was seen in March. The general sentiment is that Canadians are trying to get ahead of expected price increases on new vehicles due to the ongoing tariff situation with the US.

In general, new vehicle pricing and incentives were status quo in the month of April. The rising supply of new vehicles in Canada is slowing and OEMs are strategizing on how to manage their portfolios and incentive costs due to tariffs. We anticipate that Canadian consumers will soon see MSRP increases on new vehicles and that will put upward pressure on used vehicle valuations, as Canadians will strive to find an affordable alternative to a new car.

Price movements by segment were mostly negative in April. Mid Compact showed the most decrease at -2.5% ($435), Midsize at -2.3% ($450), Compact SUV at -2.0% ($504), Minivan at -1,3% ($346). Some increases were Fullsize Pickup at 2.4% (893) and Midsize SUV at 0.1% ($21).