Alberta used car prices down 7% compared to 2023

Used car pricing in Alberta is seeing a seven per cent drop compared to 2023, but it’s not quite to the level of pre-pandemic prices.

One of the leading reasons AutoTrader says used car prices will not go back to pre-pandemic levels is inflation.

It also says that Canadians are buying bigger vehicles that are higher in price, and people are purchasing EVs, which cost more than their gas-guzzling counterparts.

“Things have been improving since August of 2022, both for new and used vehicles. There’s more inventory, coming into the market,” said Baris Akyurek, the vice president of insights and intelligence at AutoTrader.ca.

Matthew Bergeron, the used car sales manager at Shaganappi GM, says prices and availability of used cars have been fluctuating over the past year.

“I’ve been in the car business for the last 21 years and the last five has been by far the most complicated in my career,” said

“We just had an absolute roller coaster ride and used car availability and pricing over the last six to 18 months.”

According to AutoTrader, the province saw the average price for a used vehicle go from about $42,000 to just under $39,000.

But if you’re looking for pre-pandemic level pricing, you’re out of luck.

“In 2019 the average price for a used car was around $25,000. Those days are probably gone,” Akyurek said.

As the Bank of Canada continues to cut its key interest rate, relief could come on that front as well.

“With interest rates dropping, we are able to give much better interest rates on used vehicles. It’s made it much more affordable for the consumer to buy vehicles that are immediately available,” Bergeron said.

“They are not just trying to buy something  because they have to in the moment.”