Used values flatten out last month

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On one hand, the value of used vehicles didn’t increase an appreciable amount. On the other, that means they didn’t decrease and used values are still relatively high.

November’s used vehicle values came in more or less flat, according to Canadian Black Book. Its Used Vehicle Retention Index now sits at 158.7 Index points, up slightly from October’s score of 158.5.

Used values had been on a rapid increase at the start of 2022 but slowly started coming down after a peak in March. This was followed by a few months of declines. But some of those gains were returned in September before coming back down in October.

Despite it technically being an increase in overall values, Canadian Black Book is calling November a flat month. Compared to November 2021, used values are up just 4 per cent — in October, the year-over-year increase was almost 14 per cent.

“We are seeing a much more stable market compared to the previous two years,” said David Robins, principal automotive analyst and head of Canadian vehicle valuations at Canadian Black Book. “Used and wholesale values are decreasing at typical rates versus the astronomical increases seen from mid-2020 to end of last year.”