October 30, 2006
Canadian used vehicle prices up, says J.D. Power
Toronto, Ontario – The average used-vehicle transaction price has risen in Canada, which has in turn increased down payments and monthly payments, according to J.D. Power & Associates’ Power Information Network (PIN).
The company says the average retail transaction price of a used vehicle with a 60-month loan has risen about 6 per cent from the beginning of the year to $19,347, which has in turn pushed up the monthly payment and the down payment, although the average interest rate has remained fairly steady. The company also says that the typical loan is substantially more than the cost of the vehicle, as buyers include aftermarket items in the loan.