Canadians in the market for a new vehicle are going to fork over more dough than ever.
The average light truck transaction price was $51,700 in 2022, according to data from DesRosiers Automotive Consultants. That’s a jump of $5,000 — a nearly 10 per cent jump. It’s also the first time that light trucks surpassed the $50,000 price point.
Consumers can save $10,000 if they opt for a passenger vehicle, which came in at $41,800 on average. This segment also saw an increase compared to the year before but not as drastic, DesRosiers noted.
Light trucks accounted for 84 per cent of light vehicle sales in 2022. That brings the average transaction price to $49,900.
“The cost of purchasing a new vehicle increased sharply in 2022 driven primarily by semiconductor-related vehicle shortages,” said Andrew King, managing partner at DesRosiers. “With interest rates also climbing, affordability may create a noticeable headwind in the market, damping down the considerable pent-up demand that still exists.”
This remains good news for the automotive aftermarket — as new vehicles increase in cost, the argument to repair rather than replace grows stronger.