1 / 15

Canadian Used Car Market

This dramatic change in habits shows the median used car price in Canada at $17,995, which is a 4.8% decrease on last year and a 4.7 per cent decrease from May to June. The price of new cars has also gone down by 0.1% on last yearu2019s figures to $39,075.<br>

carsolutionscanada
Download Presentation

Canadian Used Car Market

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Changing Face of the Canadian Used Car Market

  2. Second hand cars in Canada are in high demand with the COVID-19 crisis putting people off using public transit and used car prices are more than 4% down on last years figures.

  3. Canadian commuters are concerned about sitting in close proximity to people they don’t know on public buses and trains, so they are opting to drive and this has seen around a 10% increase in used car sales in just a month between May and June 2020.

  4. This dramatic change in habits shows the median used car price in Canada at $17,995, which is a 4.8% decrease on last year and a 4.7 per cent decrease from May to June. The price of new cars has also gone down by 0.1% on last year’s figures to $39,075.

  5. Transport bosses in Vancouver said they were expecting the number of people using their services to continue to remain low for a while due to people feeling anxious about traveling in close proximity to other commuters and because more than 50% of the local workforce are able to work from home and continue to do so.

  6. Low fuel costs have also exacerbated the issue as it is more inviting for people to travel by car if it costs less to do so. A report on the spending habits of Canadians has also suggested that the increased interest in used cars is so Canadians can holiday closer to home this year. The international pandemic is encouraging people to holiday closer to home and used cars are their way to get to more local destinations.

  7. The Canadian Black Book, a price and industry guide published for dealerships, insurance companies and car wholesalers every two weeks, said that it is good news for people wanting to purchase a used car, but not great for those who are looking to sell their cars as they forecast a worst case scenario that sees cars lose a quarter of their value.

  8. But car dealerships in Ontario are predicting a downturn in overall sales for the year. A report showed that eight our of 10 Ontario dealers expected a 26% decline and three in 10 said the sector would drop by more than half.

  9. Experts have been issuing top tips to motorists looking to sell their cars so they can bank as much as they can for their vehicles. The tips include a full clean, possibly even a professional valet and consider the time in which you are selling a car, for example if you have a convertible, the Spring is the best time to sell it. It is advised to do your homework to make sure you demand the most you can for your car. Browsing sites and comparing your make, model and mileage to others being sold will give you some ballpark figures. In Ontario, you must have a Used Vehicle Information Pack. You can order is online from the Ministry of Transportation for $20.

  10. A Carfax report that will tell buyers all about the car’s crashes and odometer readings will help to provide transparency when you are trying to sell. Proof of regular servicing will help you to get closer to your asking price, so make sure you provide your service book. Take lots of photographs of your car from every angle, so you are again be totally transparent with your prospective buyers.

  11. Make sure you protect yourself with the money transaction as fraud cases are high. Perhaps consider going with the buyer to the bank when the transfer is made. With the Canadian dollar low, the export of used cars will be high, so going through a dealership could help protect you from fraudsters.

  12. A key factor for people considering used cars prices in Canada is the fact that rental firm Hertz declared bankruptcy, which mean there is a flood of used cars on the market from the company’s huge fleets in Canada, the US and across the world.

  13. According to the Automobile Protection Association, used car buyers are looking for cars that cost less than $300 per month. A spokesperson from the Canadian Black Book said that they were expecting vehicle repossessions and sales at auction to spike due to people falling on to hard times as a result of COVID-19, but that also created a good opportunity for people who were looking for a used car bargain.

  14. But industry experts have warned that the used car buyers’ market would not last and now was the time to buy if they were in the market for a new car.

  15. Contact details Company Name: Car Solutions Canada Address:3715 Keele Street Unit 18 – 19, Toronto, ONM3J 1N1 Phone Number: 888-716-0037 Website: https://www.carsolutionscanada.com/blog/how-much-do-used-cars-cost-in-toronto.htm

More Related