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State of the Industry: National average used vehicle prices hit all-time high

Toronto, Ontario — National vehicle and parts sales felt a push in a positive direction in December as the latest data from Statistics Canada shows industry growth of about 3.3 percent to a total of $11.8 billion.

Despite the positive turn at the calendar year’s end, December sales were still 1.6 percent below pre-pandemic levels of $12 billion, as recyclers and manufacturers alike continue to contend with parts and semiconductor shortages.

According to Stats Can, the 3.3 percent increase reflects, in part, a 4.7 percent increase in motor vehicles and parts and a 5.1 percent increase in imports.

Inventory shortages have led to significant price increases in used vehicles nationwide.

The Canadian Press reported on Tuesday that used vehicle prices have skyrocketed by 34.5 percent since December 2020, reaching the highest ever national average price for a used vehicle at $33,240.

Quebec was particularly hard-hit, reporting an average price increase of 35.4 percent, which totals slightly lower than the national average at $29,434.

This slightly lower average price in Quebec is attributed to the recorded tendency of Quebecers to prefer sedans to pricier SUVs and pickups.

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