Used car market expecting supply crunch as fewer off-lease cars return

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Already low on inventory, the used car market is facing an additional supply crunch as fewer off-lease vehicles return to dealership lots — and that's contributing to higher prices.

Used vehicles for sale are displayed at an automotive dealership in Ottawa on Friday, Aug. 11, 2023. THE CANADIAN PRESS/Sean KilpatrickAlready low on inventory, the used car market is facing an additional supply crunch as fewer off-lease vehicles return to dealership lots — and that’s contributing to higher prices.There were fewer new cars for sale during the pandemic years as supply chain woes rocked the industry.

In September, used car prices fell 8.7 per cent from the same month a year earlier, Akyurek said. The average price of a used car is now $35,754. Interest rates for financing used cars can be as high as eight to 10 per cent right now, whereas financing on certain new vehicles is around five per cent, said Shari Prymak, executive director of non-profit Car Help Canada.He said a lightly used vehicle, which is about two or three years old, should cost 20 to 30 per cent less than the same brand new vehicle.

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Used car market expecting supply crunch as fewer off-lease cars returnAlready low on inventory, the used car market is facing an additional supply crunch as fewer off-lease vehicles return to dealership lots — and that’s contributing to higher prices.
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