Canadian Black Book’s Used Vehicle Retention Index was down slightly for December 2022, a stark contrast from where the index sat earlier in the year.
The last month of 2022 saw the index reach 157.6 points — down 0.7% month-over-month. It also decreased 0.6% year-over-year.
“Increasing interest rates and slowly improving new vehicle supply has had a cooling effect on the wholesale market but the overall lack of used supply has offset much of those pressures,” said David Robins, Principal Automotive Analyst and Head of Canadian Vehicle Valuations at Canadian Black Book, in a statement.
In January 2022, values for wholesale vehicles in Canada were up 44%, YOY. The index peaked in March at 165 points, though it now sits 4.5% under what was logged that month.
“Preceding the March peak was a run of unprecedented growth in used values beginning in the late summer of 2020, when the Index was as low as 100.5 points,” said CBB in a news release.
In December 2022, 10 segments experienced growth and 12 declined in value, MOM. Sub-compact cars jumped 1.59% from November 2022 (and 19.45% YOY), with prestige luxury cars at 1.44% and compact vans at 0.70%.
Sports cars were down 6.11% , with premium sports cars declining 2.82%. (Sports cars were also down 13.93% YOY). And full-size pickups experienced a decline of 2.65% from the previous month.
