Aug 28, 2023
By Christine Ross
If you’re in the market for a used car, you know there’s a shortage of vehicles as the sector continues to recover from pandemic-induced supply chain woes.
Jim Hamilton with the Used Car Dealers Association of Ontario says it’s partly because people are holding on to their vehicles longer.
Traditionally, people would look to sell vehicles on average after four or five years after ownership and would want to move into something newer, now they’re handing on to them probably double that time which means more service business.”
Hamilton says people are spending more on car maintenance instead of getting a new car and dealing with higher market prices and soaring interest rates.
And DesRosiers Automotive Consultants says dealers are having a hard time getting used cars and projects a slowdown in sales in the coming months.