Aug 17th, 2018
Cox Automotive Canada’s Dealertrack Top 10 Funded Used Vehicles index reports a minor reduction in overall used vehicle pricing
With July—one of the perennially busiest months in used car sales—having come to a close, Cox Automotive Canada’s Dealertrack Top 10 Funded Used Vehicles index is showing a minor slowdown in overall used vehicle pricing compared to the previous month.
Based on a year-over-year basis, the Average Cash Prices of the Top 10 Funded Used Vehicles rose 2.4% in July 2018. Based on prices recorded the previous month, however, July saw a virtually flat 0.5% gain in prices.
As has been the case for over the past year, the Ram 1500 full-size pickup truck remained at the top of the Dealertrack index. The most popular model year with used Ram 1500 buyers was 2017. In July, the Ram truck garnered an Average Cash Price of $32,041, a 1.1% gain over the previous month, but a 0.5% drop compared to July 2017.
The remaining top five models in the Dealertack Top 10 Funded Used Vehicles index—the Honda Civic, Dodge Grand Caravan, Hyundai Elantra, and Ford F-150—held their positions last month. All four of these used vehicles also saw gains in Average Cash Prices.
There was some positional movement with the bottom five models on the index.
The sixth place Toyota Corolla compact car rose two spots compared to June. The Ford Escape compact SUV also gained a rung on the Dealertrack Top 10 Funded Used Vehicles ladder, jumping from eighth place in June to seventh in July.
Dealertrack clients also have access to Customized Dealertrack Dealer Reports, such as the used Mid-Full Size Car Retail Segment Performance report. Primarily made up of four-door sedans, the Mid-Full Size segment still resonates with many used car buyers who aren’t looking for an SUV or truck. As such, volume and price gains have held up well so far in 2018.
Based on a year-over-year basis, this segment has seen an 11.7% gain in overall volume within the Dealertrack network since July 2017. The Average Funded Mid-Full Size Car Price was $21,650, a 3.9% annual gain, second only to the 6.4% price gain reported by the Sporty Car segment. Regionally, Ontario led the Mid-Full Size Car market growth with a 5.3% volume increase in the Dealertrack network. The Québec market saw the smallest gain with only a 1.0% increase over July 2017.
In Canada, over 5.2 million credit applications are submitted annually through Dealertrack Network for vehicle financing. Our reports are designed to leverage this information and provide insights to help Canadian automotive dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers identify opportunities to improve business results.
Want to see the full top funded used vehicle report or learn about other reports available from Dealertrack Canada? Call us at (866) 830-3863 or email us at firstname.lastname@example.org.
Source: Dealertrack Canada