Here's what buyers should know before making a used car purchase in Canada
CTV
Based on initial appearances, there are signs indicating the automobile industry is in healthy shape – for now.
Based on initial appearances, there are signs indicating the automobile industry is in healthy shape – for now.
Gary Shea’s Lower Sackville, N.S. used car dealership is crammed with vehicles in the parking lot, and sells roughly 100 cars each month.
"There are a ton of cars for sale and the lots are full, everywhere,” said Shea.
However, concerns are growing that there soon could be an inventory shortage in Canada's used car market.
"And that is simply because during COVID, there were supply issues with new cars,” said automotive journalist Petrina Gentile. “Fewer vehicles were available and sold. That means when you have fewer new vehicles, you will have fewer used vehicles coming to the market."
Post-pandemic, consumers are also changing their spending habits. Rather than purchasing a used car, they are exploring options that get them behind the wheel of the new vehicle.
"We have a large percentage of the market that are payment buyers,” said O’Regan’s dealership marketing VP Susan Johnston. “We are finding people saying, 'well, I think I'll just lease that new car.'"
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