More trucks drive auto sales to three-year high in March 2024

According to recently released data from the New Motor Vehicle Survey, 172,104 new motor vehicles were sold in Canada in March 2024, the highest number since 176,036 were sold in March 2021.

The unadjusted March 2024 tally includes 148,740 trucks (including sport-utility vehicles and pickup trucks), the most sold since 149,661 drove off the lot in May 2019. The 23,364 passenger cars sold in March 2024 were the most since September 2023 (25,403).

The sales value of the vehicles sold in March 2024 totalled nearly $9.3 billion, marking the highest amount since June 2023, when sales reached approximately $9.4 billion.

In most years since we started tracking these data in 1946, there has been an increase in both sales and units sold from February to March, as spring approaches and winter—generally low season for motor vehicle sales—disappears in the rearview mirror.

Prices for gas, maintenance and vehicles continue to increase but at slower rates

Also seen in the rearview mirror are the sticker shocks of two years ago. In March 2024, purchase prices for passenger vehicles were largely unchanged compared with a year earlier (+0.3%), the lowest year-over-year increase in any month since July 2017 (+0.2%).

Gasoline prices were up 4.5% year over year in March 2024, while prices for passenger vehicle parts, maintenance and repairs were also up (+3.8%).

In the wake of Russia’s invasion of Ukraine and the shortage of semi-conductor chips, prices for gasoline increased 54.6% year over year in June 2022, while passenger vehicle prices rose 8.4% in September of that year.

Inventory values up

Motor vehicle merchant wholesalers had $10.8 billion worth of stock in March 2024, the third straight monthly increase although down from the all-time high of $11.4 billion reached in October 2023.

By comparison, wholesalers had $5.4 billion worth of stock in September 2021, a level not seen since December 2014 ($5.3 billion).