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Used cars market faces supply crunch in aftermath of supply chain woes

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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.

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 expectedBetween 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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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
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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.
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