PRICE INDEX | DECEMBER 2022

The AutoTrader Price Index offers a monthly view of the Canadian automotive market by
analyzing vehicle pricing associated with hundreds of thousands of new and used vehicle
listings, bringing you the latest in pricing shifts and trends over time.

SUMMARY
Due to a shortage of supply and persistent ​consumer ​demand, new vehicle
prices continued to rise in December​of 2022​. However, domestic new v​ ehicle​​
prices decreased for the first time in 20 months​(​March 2021)​, which may be
an indication that new ​vehicle​​​prices will start to soften in the near future. The
prices of used ​vehicles​​​, on the other hand, has been declining over the past six
months after reaching a peak in June giving a strong indication of prices
gradually plateauing with more inventory availability.
TABLE OF CONTENTS SUMMARY 3

MARKETPLACE INDEX 4

AVERAGE PRICE BY BODY TYPE  5

AVERAGE PRICE BY ORIGIN  6

AVERAGE PRICE BY REGION (NEW) 7

AVERAGE PRICE BY REGION (USED) 8

VEHICLE INVENTORY BY QUARTER (NEW) 9

VEHICLE INVENTORY BY QUARTER (USED) 10

TOP SEARCHED VEHICLES 11

PRICE INDEX | DECEMBER 2022

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SUMMARY New and used vehicle prices are still trending in opposite directions.
New ​vehicle​prices are still increasing due to a shortage of supply and
consistent consumer demand. On the other hand, used v​ ehicle​​​prices
have been decreasing for the past six months, after peaking in June.

The ​month-over-month ​​decline ​​​in ​the average ​used ​vehicle​​​ price​​ is

likely caused by several factors, including ​an​​​increase in the ​volume​​​
of used vehicles for sale and the current
​​ economic environment. In​
the final quarter​​​​of ​2022, there was a 27.5% increase in the number of
used vehicles available compared to 2021. ​While ​​​demand for used​
vehicles​​​​​
remains strong, the market has seen some softening
compared to the peak period from mid-2020 to early 2022.

PRICE INDEX | DECEMBER 2022

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MARKETPLACE INDEX $60,000

NEW

NATIONAL AVERAGE PRICES $55,000

$50,000
Sustained decline in used vehicle prices
for ​​six​consecutive months due to
$45,000
inventory recovery
In December​of​2022, the average price of a used ​ $40,000
vehicle​​​increased by 9%​year-over-year​​​to $36,240, USED
while the average price of a new v​ ehicle ​went up by
$35,000
16%, reaching a record high of $5​​​8,895.​​​However,
used ​vehicle​​​prices have been showing signs of
decline o ​ ver​​​the past six months due to inventory $30,000
recovery​​. ​​I​t is expected that prices ​within the used
vehicle segment w ​ ill remain above pre-COVID
$25,000
levels ​for​​​ the foreseeable future.

$20,000

$15,000

$10,000
Methodology:
12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12
Based on average Canadian automotive pricing data (CAD $) collected from hundreds
of thousands of listings monthly on AutoTrader from December 1, 2020 to December
31, 2022. In addition to average pricing, year-over-year (YOY) and month-over-month
2021 2022
(MOM) price changes have been identified. The average has been adjusted based on
the make and age of the vehicles available on the market during the collection period.
The adjustments mean that any fluctuations in inventory won’t pull the average too far NEW USED
in one direction or another. Any changes under 0.1% have been denoted as 0.0%

$58,895 0.7% MOM 16.0% YOY

$36,240 -1.2% MOM 9.0% YOY

PRICE INDEX | DECEMBER 2022

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NEW USED

AVERAGE PRICE $70,000

BY BODY TYPE $60,000

NATIONAL
$50,000

Increased availability of used vehicles is

driving prices down bringing them close $40,000

to 2021 price levels

$30,000
In the used vehicle market, prices are gradually
approaching the levels seen in 2021, in line with the
increased availability of used cars. Specifically, used $20,000
minivan prices are down by -1%, SUVs by -1.3%, light
trucks by -0.4% and cars by -1.2% on a month-over-
month basis. $10,000

$10

CARS SUVS TRUCKS MINIVANS

Methodology:
3.5% MOM 0.4% MOM -0.8% MOM -1.7% MOM
$45,023 $56,251 $68,824 $56,132
Based on average Canadian automotive pricing data (CAD $) collected from hundreds
of thousands of listings monthly on AutoTrader from December 1, 2020 to December 21.8% YOY 13.8% YOY 0.8% YOY 21.5% YOY
31, 2022. In addition to average pricing, year-over-year (YOY) and month-over-month
(MOM) price changes have been identified. The average has been adjusted based on
the make and age of the vehicles available on the market during the collection period.
The adjustments mean that any fluctuations in inventory won’t pull the average too far -1.2% MOM -1.3% MOM -0.4% MOM -1.0% MOM
in one direction or another. Any changes under 0.1% have been denoted as 0.0%
$33,352 16.2% YOY $36,220 7.3% YOY $45,426 3.8% YOY $30,801 3.4% YOY

PRICE INDEX | DECEMBER 2022

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NEW USED

AVERAGE PRICE $80,000

BY ORIGIN $70,000
BY MANUFACTURER
$60,000

Increased inventory
​​ drives down prices $50,000

for new domestic vehicles for the first

$40,000
time in 20 months
New domestic vehicle prices have shown a​month- $30,000
over-month​decrease​for the first time in 20 months​​​
since ​​​March 2021. ​​This ​​is likely attributed to the
$20,000
increase in inventory availability, with 39.3% more ​
new d​ omestic vehicles available in December of
2022​​compared to December 2021​. $10,000

$10

NORTH AMERICAN ASIAN EUROPEAN

-0.6% MOM 1.6% MOM 0.8% MOM

$65,917 $44,688 $74,726
Methodology:
Based on average Canadian automotive pricing data (CAD $) collected from hundreds
6.7% YOY 21.1% YOY 14.7% YOY
of thousands of listings monthly on AutoTrader from December 1, 2020 to December
31, 2022. In addition to average pricing, year-over-year (YOY) and month-over-month
(MOM) price changes have been identified. The average has been adjusted based on
the make and age of the vehicles available on the market during the collection period. -1.0% MOM -1.9% MOM -1.2% MOM
$37,483 $27,968 $51,496
The adjustments mean that any fluctuations in inventory won’t pull the average too far
in one direction or another. Any changes under 0.1% have been denoted as 0.0% 2.8% YOY 10.7% YOY 11.7% YOY

PRICE INDEX | DECEMBER 2022

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DECEMBER 2021 DECEMBER 2022

AVERAGE PRICE (NEW)

BY REGION

Sustained increase in new car prices

across all regions
New ​vehicle​​​prices have risen in all provinces,
ranging ​from ​an increase of ​11.4% in Saskatchewan
and Manitoba to 2 ​ 1.1% in Quebec​​year-over-
year basis.

14.0% YOY
21.1% YOY
$60,858 $55,660 20.0% YOY
15.3% YOY
$53,387 11.4% YOY $53,900
$63,231 14.9% YOY
$45,975
$60,941 $44,935
$54,859 $57,235
Methodology:
Based on average Canadian automotive pricing data (CAD $) collected from hundreds
$54,723
of thousands of used vehicle listings monthly on AutoTrader in December 2021 and $49,814
December 2022. The Atlantic region is defined as: Nova Scotia, New Brunswick, Prince
Edward Island and Newfoundland & Labrador. Due to limited population size, the
territories are excluded, and Manitoba and Saskatchewan have been combined. The
average has been adjusted based on the make and age of the vehicles available on the
market during the collection period. The adjustments mean that any fluctuations in
inventory won’t pull the average too far in one direction or another. Any changes under
0.1% have been denoted as 0.0%.
British Columbia Alberta Saskatchewan Ontario Quebec Atlantic
& Manitoba Region

PRICE INDEX | DECEMBER 2022

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DECEMBER 2021 DECEMBER 2022

AVERAGE PRICE (USED)

BY REGION

Sustained decrease in used v ​ ehicle ​​ ​

prices across all regions on a month-
over-month basis
Used v​ ehicle​​​prices decreased in all provinces on
a month-over-month basis, with the largest drop
of -1.7%
​​ in Manitoba and Saskatchewan, and the
smallest drop of -0.6% in British Columbia.

8.6% YOY
14% YOY
$40,553 $33,551 9% YOY
5.2% YOY
$37,357 4.9% YOY $32,496
$38,767 8.3% YOY
$29,434
$36,645 $29,817
Methodology: $36,855 $36,744
Based on average Canadian automotive pricing data (CAD $) collected from hundreds
$34,927
of thousands of used vehicle listings monthly on AutoTrader in December 2021 and
December 2022. The Atlantic region is defined as: Nova Scotia, New Brunswick, Prince
$33,923
Edward Island and Newfoundland & Labrador. Due to limited population size, the
territories are excluded, and Manitoba and Saskatchewan have been combined. The
average has been adjusted based on the make and age of the vehicles available on the
market during the collection period. The adjustments mean that any fluctuations in
inventory won’t pull the average too far in one direction or another. Any changes under
0.1% have been denoted as 0.0%.
British Columbia Alberta Saskatchewan Ontario Quebec Atlantic
& Manitoba Region

PRICE INDEX | DECEMBER 2022

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VEHICLE INVENTORY (NEW)

BY QUARTER 100,000

SUV
2.5% YOY
Increase in trucks and SUVs driving up
80,000 15.6% QOQ
overall inventory levels
​​ ew ​vehicle​​​inventory levels have risen​for
N​ ​​ the first
time in 5 months​, driven mostly by the increase in​ ​​​ ​​​ ​
trucks and SUV inventories. With supply chain 60,000 TRUCKS
disruptions easing up, ​and m ​ icrochip production 71.1% YOY
ramping up, ​it is expected ​​​​​​​​​​​​​​​​​​​​that​ new inventory levels ​ 22.6% QOQ
will​​​​continue to increase ​​​​​in 2023.
40,000

CARS
-39.7% YOY
20,000 10.4% QOQ

10,000
MINIVANS
1.9% YOY
Methodology:
3.7% QOQ
This data is the average of the total number of used automotive listings for the quarter
on AutoTrader segmented by vehicle type (car, SUV, truck, minivan). Based on total 0
listings, the data will be analyzed on a year-over-year and quarter-over-quarter basis to
identify overall inventory availability in the market. Given that AutoTrader is the largest Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
automotive marketplace in Canada, the data represents a snapshot of the overall
Canadian automotive market.
2021 2022

PRICE INDEX | DECEMBER 2022

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VEHICLE INVENTORY (USED)

120,000

BY QUARTER
SUV
52.8% YOY
100,000
-1.5% QOQ
Used vehicle inventory reaches its highest​ ​​
level ​since the beginning of 2021
80,000
​​ December of 2022,​​​​u​sed ​vehicle​​​inventory ​
In
hit​​​​​its highest level since the beginning of 2021 ​
CARS
with​​​all segments​​up on a year-over-year basis.​​ 12.3% YOY
Coupled with the softening in the market due to 9.0% QOQ
the economic environment, this has had a direct 60,000
impact on used vehicle prices with ​six​​​consecutive
months of decline.

40,000
TRUCKS
4.1% YOY
-13.0% QOQ
20,000

Methodology: 10,000 MINIVANS

This data is the average of the total number of used automotive listings for the quarter 42.3% YOY
on AutoTrader segmented by vehicle type (car, SUV, truck, minivan). Based on total 6.7% QOQ
listings, the data will be analyzed on a year-over-year and quarter-over-quarter basis to
identify overall inventory availability in the market. Given that AutoTrader is the largest
automotive marketplace in Canada, the data represents a snapshot of the overall 0
Canadian automotive market.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2021 2022

PRICE INDEX | DECEMBER 2022

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NEW USED

1. Ford F-150 (#1) $72,045 $41,075

TOP SEARCHED VEHICLES
NATIONAL (NOVEMBER RANKS IN BRACKETS)

2. BMW 3 Series (#2) $66,066 $31,089

3. Porsche 911 (#5) $– $176,441

4. Toyota RAV4 (#4) $39,753 $32,278

5. Honda Civic (#3) $35,171 $15,417

6. Mercedes-Benz C-Class (#6) $76,296 $40,002

Methodology:
7. Mercedes-Benz E-Class (#7) $96,093 $53,357
Based on the top ten most commonly searched vehicles for new and used listings, on
AutoTrader in December 2022. Prices indicated refer to the average new and average
used price for each vehicle, averaged across all trim levels. Rankings for the month
of November 2022 appear in brackets for reference. The average has been adjusted
8. Ford Mustang (#8) $63,671 $39,438
based on the make and age of the vehicles available on the market during the
collection period. The adjustments mean that any fluctuations in inventory won’t pull
the average too far in one direction or another. 9. BMW X5 (#9) $98,437 $50,626

10. Jeep Wrangler (#11) $63,337 $42,928

PRICE INDEX | DECEMBER 2022

PRICE INDEX | DECEMBER 2022

Please direct any inquiries to:

Benoit Beland
Director, Brand Marketing
AutoTrader

[email protected]