Car shoppers looking for a frugal set of wheels may be feeling empty when they see how much new car prices are averaging in Canada.

According to Auto Trader’s price index for the third quarter of 2023, new vehicle prices hit a record high average of $67,817 in September. This represents a 19.4 per cent increase from one year ago.

Shoppers in the used car market may find some relief there.

While used vehicle prices have increased 4.3 per cent year-over-year to an average of $39,155, those prices have actually fallen from August of this year.

AVERAGE PRICE BY VEHICLE TYPE

Auto Trader breaks down the average vehicle price by vehicle type in the report.

Car prices averaged $63,531 (new) and $37,235 (used).

SUV prices averaged $63,386 (new) and $38,034 (used).

Truck prices averaged $74,133 (new) and $48,787 (used).

Minivan prices averaged $62,971 (new) and $33,403 (used).

AVERAGE PRICES BY ORIGIN

The index also breaks down vehicle prices based on vehicles made by North American, Asian and European manufacturers.

North American vehicles prices averaged $70,575 (new) and $40,815 (used).

Asian vehicle prices averaged $48,225 (new) and $29,429 (used).

European vehicle prices averaged $85,935 (new) and $55,067 (used).

Read the full report here.