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The average price of a new vehicle in Canada has increased by 18%

Every quarter, the nation’s busiest auto sales website (AutoTrader.ca) publishes a lengthy research report on the price, inventory level and popularity of certain models across Canada. In this most recent report, we learned that the average value of new vehicles displayed on the site reached $55,469, which represents an increase of more than 18% compared to the average price of January 2022.

In order to come to conclusions like these, the online auto sales giant collects information from hundreds of thousands of ads that can be viewed daily. As of this writing, more than 255,000 listings are available for viewing on its website.

Inventory vs Price

The most shocking observation is the direct link that can be raised between the level of inventory and the prices commanded by new vehicles. Since a causal link is difficult to prove, one can only stick to an effect of association. According to the report issued, since January 2021, there has been an average inventory drop of 16% across the country, while the price of new vehicles has increased by 18%.

On the side of used vehicles, however, the story seems quite different. The inventory level increased by approximately 1.5% compared to last year, while prices increased by 32%. On the other hand, the total inventory of new vehicles available has nevertheless decreased by more than 90,000 units, thus severely limiting access to new vehicles. This could explain the persistence of the increase in used car prices.

What about electric vehicles?

The most active segment of the automotive industry, the electric vehicles, is, meanwhile, in full swing. Even though the command prices may seem steep at first glance, they don’t seem to be slowing the rate at which consumers are getting their hands on these hot buns.

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Baris Akyurek serves as Director of Marketing Intelligence at AutoTrader.ca, and he points out in the report that “when the price of fuel skyrocketed following the outbreak of war in Ukraine, we saw on our site a 567% increase in electric vehicles,” he said. “When the price of gasoline calmed down a bit, this figure also fell, but it is still very high. »

 

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