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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.

A used car was averaged at $35,754 last month compared with about $18,900 in December 2019, Autotrader.ca data shows.

Many drivers bought their cars outright during the pandemic after their lease matured and they couldn't find a new replacement amid the supply shortage, Ross explained.Now, those owners are holding on to their vehicles while they pay off that higher price."That's going to cause an issue on pricing … if a lot of those customers don't come back to the market.Ross said supply issues in the used car market will likely hold out until 2028.

"The craziness seems to be over, which is good," Akyurek said of high prices over the last few years.

 

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