Clutch Used Car Pricing Report

National Overview

Used-car inflation in Canada is effectively over. The average used vehicle sold for $33,786 in July, just 0.3% above a year ago, the smallest annual change since April 2025. Twelve months ago that figure was 7.9%. It has shrunk almost every month since: 3.7% in January, 1.6% in June, and now a rounding error above zero.

July also produced the sharpest single month in this report since last fall. The average fell about 1% from June, the largest monthly decline since November, and it landed below where the year started.

Split the flat annual number into its parts and it stops looking flat. Canadians are getting more car, not paying more: the mix of vehicles sold shifted toward newer, larger, and more electrified models, and that shift put about $548 onto the average over the year, with newly arrived models contributing roughly $150 more. Working against all of it, comparable vehicles got cheaper: the same model at the same age now costs about $595 less, a 1.8% decline. Last July that like-for-like discount was worth 1.3%. It is deepening, and this month it finally overpowered the mix shift.

The monthly move says the same thing with less ambiguity. Nearly all of July's $325 decline came from vehicles getting cheaper, not from buyers choosing different vehicles.

The relief is broad, but it is not evenly spread. It concentrates in newer vehicles: one-to-six-year-old vehicles cost 2.3% to 2.5% less than comparable examples did a year ago, while vehicles seven years and older have barely budged. Shoppers with newer-vehicle budgets are finding a friendlier market. Shoppers at the entry level are still waiting for theirs.

None of this is happening because demand dried up. Official new-vehicle sales are running about 4% below last year through May, while used dealer revenues climbed 6% year-over-year in the most recent official month. More Canadians are choosing used, and prices softened anyway. That combination, growing demand and easing prices, is what makes July's data unusual.

The cooling also stopped being a regional story.

Province by Province

Nine of ten provinces posted a lower average price in July than in June. That is a different market from the one this report described a month ago, when the East was rising while the West sat flat. The cooling has gone national.

The one exception was British Columbia, up 0.8% on the month, a move that made it the country's most expensive used market at $37,393, nudging past Alberta at $37,260. Six provinces now sit below their year-ago levels, including all four in the West. Nova Scotia stands alone with 6.1% annual growth, a number worth reading gently given how much single-month readings can swing in smaller markets.

Ontario slipped back under the $34,000 line at $33,958, down 0.6% from June and up 0.9% on the year. Quebec, at $29,831, remains the most affordable of the large markets, and Prince Edward Island is the cheapest in the country at $27,325.

Stack July onto the two-and-a-half-year trend and the month starts to look like a turning point.

Monthly Price Trend

Since last September, the national average has traded inside a band a few hundred dollars wide. July tested the bottom of it. The 1% monthly decline was the largest since November, and it arrived clean: buyers didn't suddenly switch to cheaper vehicle types, the vehicles themselves got cheaper.

The wholesale market suggests July was a beginning rather than a blip. Canadian Black Book's weekly readings fell through every week of the month, running 0.3% to 0.4% per week by late July. Retail prices tend to follow wholesale with a lag of a couple of months, which puts this fall squarely in play for a genuine break below the plateau.

One corner of the market, though, spent July doing the opposite of falling.

Fuel Type: The Used EV Market Found Its Floor

Used EVs have spent two years as the market's steepest decliners, at times 10% cheaper year-over-year on a like-for-like basis. That run ended in July. Compare the same EV at the same age and prices came in flat against last July, while comparable gasoline vehicles fell about 2%. The segment that led the market down has become its most price-stable corner.

Split the electric aisle in two and the floor gets a name. Comparable used Teslas, which were falling more than 10% year-over-year as recently as March, crossed back above zero in July: the same Tesla at the same age now costs slightly more than it did a year ago. Every other electric brand, taken together, eased from steady declines to roughly flat. The stabilization is real across the aisle. The reversal belongs to Tesla.

The average sale price tells a noisier story, and it's worth decoding. EVs averaged $41,831, higher than a year ago, but the lift comes from what's arriving on the shelf, not from appreciation. The first used examples of six-figure electric trucks and SUVs, vehicles like the Cybertruck, Hummer EV, and Escalade IQ, are entering the market in small numbers and dragging the average up. Actual buyers moved the opposite way, giving budget models like the Chevrolet Bolt EUV a bigger slice of EV sales than last year. High-priced supply arriving, value-priced demand clearing, and stable like-for-like prices in between: that is what a floor looks like.

Turnover backs it up. The median used EV sold in July after 23 days on the market, an EV record low, the fastest of any fuel type in July, and the fourth consecutive monthly improvement. Gasoline vehicles took 31 days and hybrids 30. An eight-day advantage over gasoline is the widest we have measured. Inside the electric aisle, the gap has closed: used Teslas were the segment's fastest sellers through the spring, and the restocked non-Tesla shelf now turns just as quickly.

What makes the speed remarkable is what's on the shelf. Both halves of the electric aisle drew down by roughly a third between March and early June. Since then, only one half has refilled: active non-Tesla EV inventory has climbed about 21% off its June low, while Tesla inventory is up just 6%. Tesla's slice of the active used EV shelf, which reached nearly 29% in mid-April, has slid back to 23.5%, right where it began the year. July's wave of new EV listings, the year's largest, arrived almost entirely from other brands, and the new arrivals are not lingering: over a third of July's EV sales had been listed two weeks or less, versus under a quarter in January. A shopper browsing the used electric aisle today sees more choice than in June, and less of it is a Tesla.

The pipeline behind that supply keeps widening. With the federal purchase incentive running since April, new zero-emission vehicle sales rose about 20% year-over-year in the latest official month, reaching 9.6% of new sales. Today those vehicles anchor used-EV prices. In a few years, they become used-EV inventory.

Hybrids had a quieter July that extended a very consistent run. Their share held at 6.5% of used sales, half a point above last year, and the average hybrid sold for $42,622, still the priciest fuel type but 2% cheaper than a year ago. The affordability shift is the real headline: more than half of used hybrids sold below $40,000 for a second straight month. A year ago, 47% did. No other segment has moved that far on affordability in twelve months.

Clutch's own platform ran the same pattern at small scale. Our EV share of inventory rose from 2.9% to 3.4% over the month as the shelf refilled, EV search interest climbed to 42% above its late-January baseline after sitting at 25% in late June, and none of the new stock piled up. Supply returned, and buyers absorbed it.

The steadiest trend in the report, meanwhile, has nothing to do with fuel.

Body Style: SUVs Take 64%, Trucks Go On Sale

SUVs claimed 64.2% of used sales in July, another record, and the trajectory is almost mechanical: 58.6% two Julys ago, 61.2% last July, 64.2% now. Cars funded nearly all of it, sliding to 21.2% of sales, their lowest share in our records.

That migration props up the national average on its own. The average SUV sold for $32,689 against $24,425 for cars, a gap of about $8,300, so each point of sales that migrates out of cars and into SUVs raises the headline number without a single vehicle changing price.

Trucks delivered July's most interesting price behaviour. On the sticker, the average truck fell 2.5% year-over-year to $46,951, the biggest drop of any body style. Like-for-like, trucks eased only about 1.4%, the smallest. The gap between those two numbers is buyer choice: truck shoppers reached for less expensive trucks, and several of the priciest models rotated out of the sold mix entirely. The F-150 shows the mechanics in a single vehicle. Its average price fell 2% to $44,563, yet a same-age F-150 held its value. Trucks didn't get cheap in July. Truck buyers got disciplined.

Affordability: The EV Window and the Hybrid Door

July closed part of the bargain window it spent the spring opening. 46.8% of used EVs sold below $35,000, down from 48.8% a year earlier, and 60.8% cleared the $40,000 bar, down from 61.9%. The deeply discounted EVs that defined the spring have sold through, and with like-for-like prices now flat, the pool of cheap EVs has stopped refilling. A shopper holding out for a better EV deal this fall is betting against the data.

Hybrids moved the other way. 50.6% sold below $40,000, a gain of 4.1 percentage points in a year, and one in three now sells below $35,000.

For a single-number summary of EV affordability, take the Tesla Model 3: an average of $29,165 in July, about $4,600 less than the average used vehicle of any kind.

The traditional budget tiers barely moved, with about 22% of cars under $15,000, 21% of SUVs under $20,000, and 19% of trucks under $30,000. Quebec and Atlantic Canada remain the easiest regions to buy affordably on nearly every measure.

Canada's shopping list barely changes; only the prices do. F-150, CR-V, Rogue, RAV4, and Civic filled the top five again, while the year-over-year column runs red nearly top to bottom: the Civic down 6.2%, the Silverado 1500 down 5.1%, the Rogue down 1.9%.

Read the table knowing it tracks the average paid for each model, not the model's value: when a model's buyers shift toward newer examples, its average can rise even in a falling market. One vehicle on the list did something genuinely rarer, and it gets its own section.

Market Makers

If July had to be one number, it might be the Tesla Model Y at minus 0.4% year-over-year. A year ago it was falling at nearly 9%. That deceleration is the EV floor, expressed in a single vehicle. The Model 3 at $29,165, down 8% on the year, carries the affordability story, and the Bolt EUV at $25,011 shows where budget-minded EV buyers actually landed, taking a larger share of EV sales than last July. The gap between the two Teslas is smaller than it reads: the Model 3's used fleet is older and aging quickly, which weighs on its blended average, and compared at the same age the two models have moved nearly in step since spring.

The Toyota RAV4 remains the market's great outlier, up 5.9% to $32,899, and genuinely so: a same-age RAV4 costs about $900 more than it did last July, a distinction almost nothing else mainstream can claim. Its electrified sibling went the other way, with the RAV4 Hybrid down 3.8% to $38,745, carrying it below the $40,000 line.

The declines cluster where the money is biggest. The Dodge Durango logged the steepest like-for-like drop of any top-50 model, roughly $3,800 same-age, and the Silverado 1500 fell 5.1% to $43,035. The F-150 rounds out the picture: 2% cheaper on average, steady same-age, the truck discount living entirely in buyer selection.

Below the headline averages, the value tiers stayed deep. The Hyundai Elantra led under-$15,000 cars at $11,472, with the Kia Forte ($11,487) and Chevrolet Cruze ($11,020) beside it. The Ford Escape topped the under-$20,000 SUV tier at $14,304, ahead of the Hyundai Tucson at $14,702. The under-$30,000 truck tier ran from the Ram 1500 at $22,418 up to the F-150 at $25,534.

The Bolt EUV's $25,011 average belongs in this section as much as the electric one: a modern EV now prices against used trucks.

What to Watch

The average may fall below its year-ago level. Wholesale values declined every week of July, and wholesale leads retail. If August prices follow, the national average will sit below where it stood a year earlier for the first time since March 2025, and the ten-month plateau ends on the way down.

Watch whether the EV restock broadens. So far the rebuild is a non-Tesla story: Tesla inventory sits near its June low while other brands refill the shelf. If that holds into the fall, the firmest prices in the used market stay exactly where the selection is thinnest, and the climb back toward EVs' 5% spring share of sales runs through the brands doing the restocking.

A hybrid share record before December remains our call, with the segment at 6.5% and its sub-$40,000 majority still growing.

Mid-August brings the referee. Statistics Canada's June new-vehicle figures will confirm or revise the industry estimate that the new market's modest recovery extended into the summer.

About This Data

This report is based on Clutch's internal data, collected from retail vehicle sales reported across Canada. The analysis includes vehicles that meet the following criteria:

• Model year 2016 or newer

• Less than 200,000 km at the time of sale

• Sold vehicles only

References to "cars" include both sedans and hatchbacks, while SUVs and trucks are categorized separately. This segmentation helps reflect real-world buyer preferences across different body styles.

While the dataset covers a large national sample, pricing in smaller provinces or regions with lower sales volume may be influenced by individual outliers. This can lead to greater month-over-month fluctuations in certain areas compared to larger markets like Ontario, Quebec, and British Columbia.

The figures presented reflect average asking prices at the time of sale and are designed to provide an accurate snapshot of current market trends.