Despite a drop in the number of vehicles sold, higher prices drove up the value of new vehicle sales in Alberta in July.

The Consumer Price Index for passenger vehicles in Alberta (which includes both new and used vehicles) was 8.5% higher in July 2022 than 12 months earlier.

Against this backdrop, year-over-year revenue from new vehicle sales in the province was up by 9.5% in July even as the number of units sold was down by 4.7%.

The average price of a new vehicle sold in Alberta in July 2021 was $50,108 compared to $57,575 a year later.

Greater demand for electric vehicles and trucks, which tend to be more expensive, rather than for other vehicle types may also be contributing to rise in the average price.

Nationally, the number of vehicles sold was down on a year-over-year basis in July by 13.8%. Unlike in Alberta, revenue was also down, coming in 4.4% lower than in July 2021.

The average price of the new vehicles sold in Canada went from $46,344 in July 2021 to $51,415 in July 2022.

While there are signs that the ongoing shortage of new vehicles available for purchase may ease in the months ahead, overall inflation and the dampening effects of higher interest rates remain challenges to the retailing of vehicles.

Answer to the previous trivia question: The multinational home appliance manufacturer Electrolux is headquartered in Stockholm, Sweden.

Today’s trivia question: When were headlights for cars invented?