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.
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