Canadian Black Book, which tracks vehicle values, described 2019 as the strongest year ever for the value of vehicles two to six years old.
The year saw a long running series of best-ever months for retained values. December was down slightly from November when the index set a record high at 108.5.
The year ended at “a very respectable 108.4”.
“It is safe to say that 2019 was the strongest year for retained values for 2-6 year old vehicles since we began the index with 2005 data,” says Brian Murphy, VP of research and analytics for Canadian Black Book.
Compared to December of 2018 the index across the industry is up 8.6%, which shows the magnitude of gains prices have seen over the last 12 months.
Compact Cars and Sub Compacts performed particularly well. Compacts were up 8.6 points from the same time in 2018. Sub Compact cars were up an impressive 11.9 points over 2018, the strongest in the industry. Both segments had some weakness in 2014-2016 but since have continued to strengthen.
On the other hand, some segments showed notable declines.
The Compact CUV/SUV was down 4 points from last year. With more selection and supply this segment is one of the most competitive in the marketplace. This popular segment is also off 1.3 points from November.
Luxury cars did not have a strong December and was down by 6 points compared to December 2018.
Small pick-ups were also a noteworthy decliner, with a loss of 7.2 points from the year before.
The market for full-size pickup trucks has also experienced loses for December and is down by 2.3 points from November, a very significant decline for such an important segment here in Canada.