TORONTO — The used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic.
But there are not enough used cars in the market to meet the growing demand. DesRosiers Automotive Consultants Inc. says dealers are having a hard time getting used cars and projects a slowdown in sales in the coming months. On average, he said, people look to sell their vehicles after four or five years of ownership and move on to newer make.
Ross of CBB is seeing those trends, too. He said people are buying out car leases before maturity, spending more on repairs and keeping them out of the used car lots. "It's not a matter of waiting for interest rates to go down but to bite the bullet and buy different cars than they hope they would get," she said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Used cars market faces supply crunch in aftermath of supply chain woesTORONTO — The used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Used cars market faces supply crunch in aftermath of supply chain woesThe used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic.
Source: CTVNews - 🏆 1. / 99 Read more »
Used cars market faces supply crunch in aftermath of supply chain woesTORONTO — The used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic.
Source: PGCitizen - 🏆 65. / 51 Read more »
Used cars market faces supply crunch in aftermath of supply chain woesThe used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Used cars market faces supply crunch in aftermath of supply chain woesTORONTO — The used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic. Used vehicles became an alternative to consumers when the supply of new vehicles was severely limited during the pandemic, says Daniel Ross of automotive insights company Canadian Black Book, and prices for used cars started to rise. 'But after the increase of interest rates and inflation
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Used cars market faces supply crunch in aftermath of supply chain woesTORONTO — The used car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic.
Source: SooToday - 🏆 8. / 85 Read more »