State of the Used Car Market

CARFAX, a firm that analyzes billions of data points on automotive transactions, shares with our readers its market analysis for the first quarter of 2026.

The report indicates that the average selling price of used vehicles in Canada reached $31,907 in March—a 0.5% increase over the previous month, but a 2.3% decrease compared to the average price from the previous year.

Stock levels are also on the rise, with a 31.6% increase in March compared to February. Used car inventories are 3.1% higher than they were at this time last year. As of last March, there were 235,577 used vehicles for sale in Canada.

Unsurprisingly, SUVs remain the preferred choice for consumers, now representing 55.3% of all used vehicle inventory and gaining market share at the expense of passenger cars. The CARFAX report also shows a national 6.5% decrease in asking prices for electric vehicles. However, the report’s authors note that further price fluctuations in this segment are to be expected.

In Quebec, the average price of a used vehicle stood at $28,301, the lowest average price in the country after the Atlantic provinces ($28,135).

Regarding requests for CARFAX Vehicle History Reports in Canada, the Ford Escape and F-150 are at the top of the search list, followed by the GMC Sierra 1500, as well as the Honda Civic and CR-V.

The report indicates a decline in interest for sedans, resulting in a corresponding reduction in inventory for this category. However, even as supply for these models nears normal levels, selling prices for pickup trucks (Ford F-150, GMC Sierra 1500, and Ram 1500) remain high. Generally, electric and hybrid vehicles resell for nearly $10,000 more than their gasoline-powered equivalents.