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.
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