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.
The latest estimates by DesRosiers show the 2023 sales of new cars at franchised used dealers are expected at 305 units per location, and at just 140 for independent used car dealers. That's lower than the sales projections cited at the beginning of this year. "Now, they're hanging on to the cars double that time, which means more money in the service business — oil change, brake repairs and maintenance."
Daily rental fleets are also following in the footsteps of regular buyers and holding on to the vehicles longer because they can't replace the old fleet with the new ones. That means those cars aren't entering the used market as expected Between 2020 and 2021, used car prices soared 34.5 per cent as car manufacturers dealt with unprecedented backlogs in the supply of car parts to bring new vehicles to showrooms.
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:
Canada Canada Latest News, Canada Canada 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. 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 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: SooToday - 🏆 8. / 85 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 car market faces supply crunch as inflation spurs drivers to search for cheaper wheelsThe used car market is still experiencing a shortage as more drivers keep the vehicles they have just as demand for cheaper wheels soars. Read on.
Source: financialpost - 🏆 7. / 85 Read more »