Used vehicle prices down 9.4% in last 6 months
At a time when inflation is hurting Quebecers' wallets, there's finally some good news in the automotive market!
The latest statistics from Otogo.ca show that the market is calming down in the wake of the pandemic. Used vehicle prices have been falling since September 2023. Last fall, the average price of used vehicles in Quebec was $36,055. Six months later, the average price of used vehicles in Quebec is $32,662. That's a drop of $3,393 (-9.4%)!
Vehicles 5 years old and under most affected
The price reduction varies according to the age of the vehicle. Models aged 5 years and under are affected by a greater decrease than older models.
These more recent models have been very much in demand in recent years, due to the very long delivery times for new vehicles. Those who didn't want to wait several months for a new vehicle turned to a very recent used vehicle. As a result, prices for these vehicles have risen considerably. This explains why these vehicles have fallen more sharply than the rest.
Most sought-after vehicles less affected by price cuts
A few weeks ago, we presented the models most sought-after by Quebecers in 2023. Well, with the exception of the Ford F-150, prices for these models have hardly fallen at all! In fact, the prices of some of these vehicles have actually risen. Demand for these models seems to have remained constant, despite the downturn in the rest of the automotive market.
Electric used vehicles take center stage in the drop
Among the models with the biggest price drop are several electric models. While new electric vehicles have a waiting list that stretches for months, demand for used electric vehicles seems to have dropped drastically. If you're interested in buying a used electric vehicle, there's never been a better time than now. Some of these vehicles are even priced below the average used vehicle price ($32,662), like the Volkswagen E-Golf, the Mazda MX-30 or the Chevrolet Bolt EV!
Price cuts by brand
Prices for luxury brands such as Audi have really fallen compared to other brands. The prices of some highly sought-after brands such as Honda and Toyota have fallen only slightly in relation to the rest of the market. However, the prices of several popular brands such as Volkswagen, Jeep and Ford have dropped considerably. Something to bear in mind when making your next purchase!
It's hard to say whether prices will continue to fall as we enter the peak season of the automotive market. Thousands of Quebecers will be heading to dealerships to change their vehicles this spring, and prices could rise just then. So if you're in the market for a used car, this is the best time to buy a vehicle in years! The average drop in prices will save you several thousand dollars on a vehicle, especially if you're looking for one that's less than 5 years old. And don't forget to consider used electric vehicles if you want to get away from gas stations!
