Report: New and used vehicle prices falling in Saskatchewan

If you're looking to purchase a new or used vehicle in Saskatchewan, there is some good news on the pricing front.

According to the AutoTrader Price Index, between June 2023 and June 2024, the average price of a brand-new vehicle in Saskatchewan and Manitoba dropped slightly by 0.5 per cent to $66,203.

New vehicle prices in Alberta saw a decline of 1.1 per cent, with an average price of $68,972.

All other provinces or regions saw increases in the average price of new vehicles.

Meanwhile, the price of used cars fell across the board, with Saskatchewan and Manitoba seeing a drop of 3.9 per cent year over year with an average price of $38,210.

Ontario saw the steepest drop in used car prices at 10.5 per cent.

AutoTrader says the numbers are based on average Canadian automotive pricing data from hundreds of thousands of used vehicle listings monthly on AutoTrader in June 2022 and June 2024.

The report says the trend in falling used car prices can be partly attributed to increasing used car supply, softening demand and a pivot to new vehicles which have seen production and availability ramp up recently.

“Looking ahead to July, we expect used car prices to continue to normalize and new car prices to remain at around the levels from the previous year. We believe vehicle prices for both new and used cars likely peaked in 2023, at least in the short term, however, a return to pre-pandemic prices is not anticipated any time soon” the report reads.

It also says that based on internal transactional data, automotive manufacturers have resurrected incentives through more competitive interest rates to make new cars more affordable.