Used car market expecting supply crunch as fewer off-lease cars return

Ritika Dubey, The Canadian Press

Before the COVID-19 pandemic, Canada averaged around two million cars in sales a year, said Daniel Ross, senior manager of auto industry insights at Canadian Black Book. But that dropped to between 1.5 million and 1.6 million vehicles between 2020 and 2023 as pandemic-related supply chain problems held up the production of new vehicles.On average, he said, a new car comes back to the market as a used car four years after it was originally purchased.

In September, used car prices fell 8.7 per cent from the same month a year earlier, Akyurek said. The average price of a used car is now $35,754.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Used car market expecting supply crunch as fewer off-lease cars returnAlready 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.
Source: SooToday - 🏆 8. / 85 Read more »

Used car market expecting supply crunch as fewer off-lease cars returnAlready 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.
Source: CTVNews - 🏆 1. / 99 Read more »