Wholesale Used-Vehicle Prices Rise Slightly in Early October Amid Mixed Market Trends
In the first half of October, wholesale used-vehicle prices saw a modest increase of 0.3% from September, according to the Manheim Used Vehicle Value Index, which reached 203.5, down 2.8% from October 2023. The seasonal adjustment reduced the overall price change, while non-adjusted prices fell 1.7% month-over-month and 3.5% year-over-year. Market trends indicate that depreciation is softer than usual for October, with MMR prices in the Three-Year-Old Index declining by 1% instead of the typical 1.3%. Segment performance varied, with compact and midsize cars showing small gains, while luxury vehicles and SUVs declined. Electric vehicles experienced significant depreciation, down 12.4% from last year. The wholesale supply increased slightly to 28 days as of mid-October, while consumer sentiment showed mixed trends, with slight declines in overall sentiment but improved views on vehicle buying conditions. Gas prices remained stable at $3.20 per gallon, down 11% year-over-year.
Toyota Boosts 2025 Sienna Minivan Production Amid Strong Demand and New Features
Toyota plans to increase production of its hybrid-only Sienna minivan by 20% for the 2025 model year, raising the estimated total to 85,000 units, up from 71,000. Despite no major exterior changes, the refresh will include new interior features such as a standard 12.3-inch touchscreen, a center console-mounted minifridge, and an advanced rear-seat reminder system that uses radar to detect passengers left in the vehicle. U.S. sales of the Sienna have risen 6.4% this year, capturing a 21% share of the minivan market, while Canadian sales have surged by 191%. The starting price for the 2025 Sienna is $50,715, reflecting a $2,160 increase from the previous year.
(CANADA) ZEV Adoption in Canada Grows Despite Industry Delays and Consumer Skepticism
Despite delays in automakers' electrification plans and skepticism among consumers, zero-emission vehicle (ZEV) adoption in Canada continues to grow. In the second quarter of 2024, ZEVs accounted for 12.9% of vehicle registrations, a record high, with over 65,000 ZEVs registered, reflecting a 37.9% increase year-over-year. While the rapid growth of past years has slowed, brands like Hyundai continue to expand their EV offerings, whereas others, like Ford, have scaled back or delayed certain BEV models to focus on hybrids. Although consumer interest in BEVs has declined, with recent studies showing lower willingness to consider them compared to 2023, ZEV sales remain strong, driven by incremental progress rather than the explosive growth initially expected. The high upfront costs of EVs remain a key barrier for many Canadian buyers, despite the potential for lower long-term ownership costs.