» Dealertrack Reports Cash Prices for Top Funded Used Vehicles in July Remain Steady

Dealertrack Reports Cash Prices for Top Funded Used Vehicles in July Remain Steady

Mississauga, Ont.—August 8, 2017—Based on data from Cox Automotive Canada’s Dealertrack online credit application network—the leading provider of web-based software solutions and services for all major segments of the automotive, marine, recreational vehicle, motorcycle and powersport retail industries—Average Cash Prices for the 10 Top Funded Used Vehicles* in Canada in July 2017 remained steady when compared to the previous month.

Dealertrack

Mississauga, Ont.—August 8, 2017—Based on data from Cox Automotive Canada’s Dealertrack online credit application network—the leading provider of web-based software solutions and services for all major segments of the automotive, marine, recreational vehicle, motorcycle and powersport retail industries—Average Cash Prices for the 10 Top Funded Used Vehicles* in Canada in July 2017 remained steady when compared to the previous month.

Dealertrack Tup Funded Used Vehicles July

Based on Dealertrack network data, the list of Top Funded Used Vehicles in July remained consistent with the previous month. As well, the margin of the Average Cash Price changes is negligible. Nine of the 10 vehicles on the list saw price changes of less than 1.0%. The lone standout was the third-place Dodge Grand Caravan minivan, which saw a 2.6% price increase to $20,156 in July.

On a year-to-year basis, the range of Average Cash Price gains and losses was larger than reported on a month-to-month basis. Eight of the 10 Top Funded Used Vehicles saw increases, with the Grand Caravan making the biggest jump, up 12.2% compared to $17,970 in July 2016. The fifth-place Ford Escape compact SUV saw the largest annual Average Cash Price drop, down 2.7% to $18,425 in July.

From an overall volume standpoint, the Ram 1500 continued as the Dealertrack Canada network Top Funded Used Vehicle in Canada. Compared to July 2016, the Ram saw a 30.0% volume gain with an Average Cash Price of $32,215. The only other used vehicle to top the Ram truck in percentage volume gains was the Escape, with a 32.7% increase. The fourth-place Ford F-150 full-size truck saw the largest year-to-year overall volume drop, down 6.2%.

The Grand Caravan reported the largest gain in July compared to the previous month—a 2.6% Average Cash Price increase to $20,156. On a year-to-year basis, the Dodge minivan led the way as well, with a price jump of 12.2% compared to $17,970 in July 2016. And based on deeper data from the Dealertrack network, the Dodge Grand Caravan also stands out amongst the Top Funded Used Vehicles in Canada for several reasons:

  • With 51,349 new units sold in Canada in calendar-year 2016, that model year is also the most popular for the Grand Caravan on the Dealertrack Funded Used Vehicle list
  • The used Dodge minivan buyer’s average annual income of $56,409 ranks only second to the Ram 1500’s $69,046 number
  • With 61.0% of Grand Caravan buyers married, the minivan is the top-ranked used vehicle among wedded couples, far ahead of the second-place Dodge Journey small SUV (51.8%)
  • Baby boomers still love their minivans, as the average Grand Caravan buyer‘s age is 43 years, second only to the Ford Escape small SUV (44 years)

In Canada, over 4.5 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 dealersupport@dealertrack.com.

Source: Dealertrack Canada

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