WINNIPEG — Canadian drivers may be seeing less sticker shock the next time they go to purchase or lease a new vehicle.
Figures released by AutoTrader reveal the price of a new vehicle decreased for the first time in 20 months in December of 2022. The decrease is attributed to an increase in inventory availability.
“This comes following a softening seen in the used vehicle market last year. After 18 months of sustained increases, used vehicle prices finally peaked in June of 2022 and this month-over-month downward trend continued throughout the final half of the year,” AutoTrader said in a release.
The average price of a used vehicle in Canada was $36,240 at the end of last year. For new vehicles, this was $58,895.
Regionally, Manitoba and Saskatchewan saw an 11.4 percent year-over-year increase in new vehicle prices from December 2021 to December 2022 at $60,941. For a used vehicle, that price increased 4.9 percent to $36,645 in both prairie provinces.
The east coast ranked as the most economical part of the country to purchase a vehicle, with average prices sitting at $53,900 for a new set of wheels and $32,496 for a used vehicle in the Atlantic region.
AutoTrader says new vehicle inventory levels have risen for the first time in five months, driven mostly by the increase in trucks and SUV inventories.