According to data compiled and analysed by ALG, at the end of July, the ADESA Canada Used Vehicle Price Index increased by approximately 2.1 percentage points over June, seasonally adjusted. ALG noted that it would be typical to see overall values decline between June and July; yet this year they were up significantly.
That increase probably reflects improvements in both the state of the economy and consumer confidence.
The Used Vehicle Price Index has been on a tear since bottoming out a year ago and it’s now back to a level not seen since July 2007.
Some highlights for this most recent month include:
· The largest segment movement in percentage terms was in the mid-size car segment, which experienced a growth of 2.7 percent, following a decline of approximately 5 percent in June.
· The compact SUV segment also saw a relatively large increase of 2.1 percent.
· Full- size pickups stabilized following a 4.8- percent decline in May and a 0.5-percent decline in June. July saw an increase of 0.6 percent, most likely driven by the decline in gasoline price from $1.043/litre in mid June to $0.98/litre at the end of July.
· Minivan and mid-compact segments saw relatively large declines of 2.8 percent and 2.3 percent respectively.
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