July 19, 2024
“If you’re looking for my car advice, I would say don’t shop yet if you don’t have to.”

For Canadians, is it time to buy a new car? Experts say vehicle supply is building and prices are going down

‘It’s a better scenario than it was — but we were coming from a very poor scenario,’ said Daniel Ross, senior manager of industry insights with Canadian Black Book, of the auto market

For the first time in years, car shoppers are having an easier time finding a deal as the auto industry bounces back from supply chain woes — and experts say the outlook could get even better.

Sticker prices at dealerships have started to come down and affordability is improving, said Daniel Ross, senior manager of industry insights with Canadian Black Book.

“The new car market is normalizing faster than the used car market,” he said. “You have the inventory, you have the incentives depending on where you’re shopping and if you were a new car shopper from the beginning, it’s the best situation you’ve had in a long time.”

Inventory of new cars has built up across the country as prices for newer models climbed and consumers pulled back on big purchases amid high inflation and rising interest rates. Now, manufacturers and dealerships have launched incentives and rebates as they look to clear that supply.

More…

Loading

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments