Toronto, Ontario -- Used vehicle prices are finally waning, if only a little.
According to Clutch’s Q1 2025 Used Car Pricing Report, prices have dropped across several key segments, including sedans and SUVs. The average transaction price for used vehicles also declined by 2.4 percent from the previous quarter.
Sedans saw a 4.6 percent dip, while SUVs eased off by 2.7 percent. Even minivans fell by 2.9 percent. Notably, electric vehicles also slid by 2.2 percent, possibly due to increased inventory and public concern about charging infrastructure and cold-weather range.
Ontario led the pack in price drops at 3.5 percent, followed closely by B.C. at 3.2 percent. Alberta only budged 0.6 percent.
While the fall may be significant, prices remain 14.1 percent higher than pre-pandemic levels.
“While prices have softened slightly, used car buyers are still navigating a market that remains historically expensive,” says Dan Park, chief executive officer of Clutch. “This report is meant to help Canadians make informed decisions as they navigate an evolving marketplace.”
