The Canadian Black Book is a resource for finding the market value of a vehicle on the used market. Each year, the organization assesses the market and charts the average market value of vehicles in Canada. This year is the first time that the Canadian Black Book Retained an average value retention of 80% of the original price, an all-time high.
A historically high rate
As usual, to carry out this annual exercise, the organization studies vehicles that are at least three years old. Thus, the used vehicles studied this year are vehicles that were sold new in 2019.
This retention of 80 represents an increase of 14% compared to the last statistic, dating from last March. Moreover, if we compare the subsequent years, it is easy to understand how the used car market had a financially interesting year. Here is the percentage of value retained on average by automobiles in Canada:
- In November 2022, used 2019 models still had a resale value around 80%.
- In March 2022, used 2018 models still had a resale value of around 64%.
- In 2021, used models from 2017 retained a resale value of around 61.5%.
- In 2020, used models from 2016 maintained a resale value of around 56.6%.
- In 2019, used 2015 models held a resale value of around 52%.
Vehicles that sell for more than when new
Other findings have been made which show that 2022 was a special year for the sale of used vehicles. For example, this is the first time in 15 years that the Canadian Black Book identifies vehicles that display a better sale price than the original purchase price. Some products sell for a higher price in 2022 than they cost to buy in 2019.
the Canadian Black Book specifies it, it is a record established this year. Three models in particular stood out with a price displayed on the occasion higher than the initial purchase price. The highest resale value of all time in the Canadian Black Book returns to Ford’s Transit van with a value percentage set at 112%. The other two products that made it into the top 3 of the charts are the Chevrolet Corvette with a rate of 104.5% and the defunct Volkswagen Beetle which comes just behind with a rate of 104%.
Safe value vehicles
For the 14th consecutive year, the Toyota Tacoma is the resale value winner in the small pickup truck category. Another interesting fact is that the Subaru Crosstrek is, for a second year, the subcompact SUV that obtained the best value, and the Toyota RAV4 remains at the top of the list for the compact SUV category. Although we do not have access to the percentage of the resale value, the Canadian Black Book confirms to us that each winning product was over 75% in value after 4 years.
