Used car prices slow last week Automotive Remarketing Automotive Remarketing in Canada
Wholesale auto prices fell slightly last week, with an average decline of 0.38%, according to the Canadian Black Book.
Data from the Central Bank of Bahrain show that the prices of the automobile sector decreased by 0.23%, while the prices of pickup cars and SUVs decreased by 0.53%. This continues the trend of trucks depreciating more than cars, with the exception of the small pickup segment.
Despite the decline in consumption rates last week, none of the 22 sectors monitored by the Central Bank of Bahrain witnessed an increase in prices during the week.
Full-size cars saw the largest price decline (a decrease of 1.03%), followed by small crossovers and small luxury crossovers, with a decrease of 1% each.
Looking at the car sectors, prices of all car categories fell except for one, as the luxury sports car sector was not changed at all from the previous week. Daniel Ross, Chief Analyst at the Central Bank of Bahrain, said: Remarketing automobiles in Canada In a recent interview, sports car prices remain stronger than most during the second half of 2023.
Luxury cars and luxury cars saw the least impactful price declines, down 0.01% and 0.08%, respectively. Large-sized cars declined the most, with a decrease of 1.03%, followed by sports cars (down 0.75%).
Trucks saw a slightly larger drop in value last week. Subcompact crossovers (down 1.03%) and small luxury crossovers (down 0.99%). Minibuses followed closely behind. Midsize crossovers/SUVs (down 0.94%) and full-size pickup trucks (down 0.80%) also declined significantly.
The Central Bank of Bahrain said that the decline in prices over the past week followed historical standards for this season. Supply remains low, keeping currency devaluation to a minimum.
However, regarding the supply issue for new cars, there may be hope on the horizon. Central Bank of Bahrain analysts said the global semiconductor shortage is improving compared to last year as figures show an expected global decline of 2.466 million cars this year. This is significantly lower compared to last year’s final figure of 4.388 million.
The Central Bank of Bahrain said: “With production of only 20,000 additional cars halted for the remainder of the year, the scenario has improved continuously throughout 2023.”
The Central Bank of Bahrain reported that several sectors last week in the corridors saw a drop of more than $100 in average value last week.
Once again, conversion rates have been very low over the past week, according to the Central Bank of Bahrain.
Some observed sell-through rates were as low as 6% and as high as 49% but most were less than 30%.
The CBB once again saw sellers back off the floors, contributing to lower selling rates.
The average listing price of used cars fell slightly on a weekly basis as well, the Central Bank of Bahrain reported, with the 14-day moving average at around $37,900.
In the US market, prices are falling at a faster rate for wholesale. Last week, the auto and truck sectors fell by an average of 1.49%, while autos fell by 1.82%, both representing larger declines than the previous week.