The OPENLANE Canada Used Vehicle Price Index has been updated through November 2024. The index decreased by 1.1% after being adjusted for seasonality.

Good news came out of the month of November with auto sales up almost 9% over the previous November with the help of one additional selling day.

Various factors of residual guidance have been relatively constant: economic conditions are steady, and the expectation is that the Bank of Canada will issue a final rate cut for 2024. Used supply is expected to improve, incentive spend is still trending upward and vehicle inventory is relatively stable. ALG forecasts that dollar values will remain strong, but retention will return to historical norms. The large price increases in recent model year will create headwinds to maintain current retention levels.

Price movements by segment were negative in November. Midsize showed the most decrease at -20.6% ($4,307), Minivan at -9.4% ($1,860), Midsize SUV at -7.9% ($1,845), Mid Compact at -5.9% ($922), Compact SUV at -4.8% ($933), and Fullsize Pickup at -0.6% ($200).