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There’s a little relief starting to emerge from the COVID-19 pandemic-era high-priced used car market. However, the days of patiently waiting it out for a steal of a price on the exact car you’ve been looking for appear likely over.
The good news for consumers is average used car prices in Canada have gone down by 8.3 per cent over the past 12 months and, on some dealers lots, the used inventory is significantly higher.
Average prices for both new and used cars in Canada, however, remain significantly higher than they were before the pandemic — and Baris Akyurek, vice-president of insights and intelligence at AutoTrader.ca, does not believe they will be crashing back down.
In AutoTrader’s most recent quarterly price index report, Akyurek notes both used and new inventory availability is much better – up 28.2 per cent and 70.4 per cent, respectively, since a year ago. He points out that since 2019 — “the last normal year” — prices of new vehicles are up 48 per cent (to $66,807 from $45,204) and used cars are up 40 per cent (to $36,342 from $26,042).
(Black Book Canada and other car price services have slightly different numbers.)
Even still, Akyurek said: “On a general level, things are moving in the right direction. That is the point we...