Move over housing costs, average prices for new and used cars have reached astonishing heights across Canada.
According to AutoTrader.ca’s price index, average prices of new cars have reached record-breaking numbers as of June of this year, a total of $66,288, a whopping 21.3% increase year-over-year.
Used cars have not fared much better thanks to “robust demand,” reaching $39,645, a 4.1% increase year-over-year.
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Compared to 2021, average prices for used cars in Canada have skyrocketed. Back in 2021, average prices were below $30,000. The same applies to new cars. In 2021, average prices were below $50,000.
“Despite an increase in new vehicle inventory, overall availability remains well below pre-pandemic levels and remains inconsistent among different auto manufacturers.”
AutoTrader adds that while used inventory levels have also improved, it will take “a while” to see prices decrease meaningfully.
The automotive marketplace also analyzed the average price by vehicle type. Aside from SUVs, all car types have increased in price month-over-month and year-over-year.
AutoTrader
Fuel efficiency is part of why cars are in higher demand than other vehicle types and are generally more affordable.
AutoTrader also looked at the average price of vehicles by origin, and European cars are more expensive than their North American and Asian counterparts by a decent margin.
AutoTrader
Regionally, British Columbia is where average prices on used cars are the highest.
AutoTrader also says that the top three cars by search are the F-150, the Porsche 911, and the Ford Mustang.
For all of AutoTrader’s national car price insights, click here.
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