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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CANADA: Return of live shows after COVID revived arts industry: StatCanReport says presenters of performing arts, sports and similar events hit hard by COVID-19 cancellations in 2020 and 2021 saw revenue increases of nearly 146 per cent in 2022, compared to the previous year
Source: SooToday - 🏆 8. / 85 Read more »
Hyperdrive: Why the EV Industry is Talking About ‘Black Mass’There’s growing interest in battery recycling as the global electric-vehicle industry expands, and as carmakers and Western governments aim to build supply chains that bypass China.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
B.C.'s agriculture industry at forefront of climate change realityCALGARY — B.C. farmers say they're increasingly concerned about climate change and the impacts of extreme weather on food production in the province. Because of its warm climate, B.C. has a unique agriculture industry.
Source: timescolonist - 🏆 15. / 75 Read more »
B.C.'s agriculture industry at forefront of climate change realityCALGARY — B.C. farmers say they're increasingly concerned about climate change and the impacts of extreme weather on food production in the province. Because of its warm climate, B.C. has a unique agriculture industry. The province's farmers can grow fruit and vegetables that won't grow in other parts of Canada, and B.C. also boasts Western Canada's only major winery regions. But in the last three years, B.C. farmers have suffered through drought, extreme heat, flooding and fires. These disaster
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
B.C.'s agriculture industry at forefront of climate change realityCALGARY — B.C. farmers say they're increasingly concerned about climate change and the impacts of extreme weather on food production in the province. Because of its warm climate, B.C. has a unique agriculture industry.
Source: SooToday - 🏆 8. / 85 Read more »
B.C.'s agriculture industry at forefront of climate change realityCALGARY — B.C. farmers say they're increasingly concerned about climate change and the impacts of extreme weather on food production in the province. Because of its warm climate, B.C. has a unique agriculture industry.
Source: PGCitizen - 🏆 65. / 51 Read more »