08.09.2023
CBB Index Decreases –0.3%
The overall index declined –1.4% YOY
Canadian Black Book today released its Used Vehicle Retention Index for July 2023, which sits at 158.1 points (a 0.3% MOM decrease). Year-over-year, the Index has decreased –1.4%. Click here to obtain a copy of the Index.
“Canadian wholesale price remain high as we pass the mid point of summer. Trucks and SUV’s continue to decrease at an above average rate as consumers look to lower cost vehicles,” says David Robins, Principal Automotive Analyst and Head of Canadian Vehicle Valuations at Canadian Black Book.
The Index peaked in March of 2022 at 165 Index points. 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.
Month-over-month, only 2 segments saw growth: Mid-Size Car (+0.5%), Full-Size Van (0.01%). Compact Luxury CUV/SUV (-2.69%), Near Luxury Car (-1.89%), and Full-Size Car (-1.75%) decreased the most.
Prestige Luxury Car (-20.31%) also saw the largest year-over-year decrease. No cars saw a year-over-year increase.
The Canadian Black Book Used Vehicle Retention Index is calculated using CBB’s published Wholesale Average value on two to six-year-old used vehicles, as a percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition. The Index offers an accurate, representative, and unbiased view of the strength of today’s used vehicle market values. The Index dates to January 2005, where the Canadian Black Book published a benchmark index value of 100.0 for the market.
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