Used car prices are dropping slightly in Canada, but remain high

Data shows used car prices are up from last year but slowly declining month to month. Still, consumers may not be eager to make a purchase because of affordability concerns.

Canadians looking to buy a used vehicle may find some small price relief amid years of soaring costs, though the prices remain higher than a year ago.

New data from Canadian Black Book shows the average listing price for a used vehicle was $37,260 in the week ending Nov. 1.

That’s down slightly from about a month earlier at $37,650, and nearly a thousand dollars less than the average $38,200 in June.

The data comes as affordability and value remain priorities for many Canadians struggling with the high cost of living, rising unemployment and an uncertain economy brought on by the trade war and U.S. tariffs.

Despite more recent declines, prices are still elevated compared with a year ago, when the average listing price was $34,250 in the week ending Nov. 2, 2024.

Autotrader reports that in September, the average used car price was $36,911, which was up 3.2 per cent from a year earlier but down from $37,664 in June.

For a new vehicle, the average price in Canada was $63,264 in September, which is down from $64,445 in June, according to Autotrader.

The Canadian Black Book describes a stable supply of used vehicles available for purchase on the wholesale market overall despite “economic uncertainty” and “political factors” — alluding to the trade war and tariffs.