The used-car market is still experiencing a shortage of vehicles even as the automotive sector recovers from supply chain woes that have plagued the industry since the onset of the COVID-19 pandemic. According to AutoNewsCanada, DesRosiers Automotive Consultants Inc. says dealers are having a hard time getting used cars and projects a slowdown in sales in the coming months. The latest estimates by DesRosiers show the 2023 sales of new cars at franchised used dealers are expected at 305 units per location, and at just 140 for independent used car dealers. This supply constraint is partly because people are holding on to their vehicles longer than usual, creating a bottleneck in the supply chain for used cars.
Opinion:
The used car market is in a precarious position right now, with supply shortages and rising costs making it difficult to find affordable vehicles. It's clear that the current situation is unsustainable, and it's likely that the market will have to adjust to the new reality of fewer cars and higher prices. It's important to remember that this isn't a permanent state of affairs, and that the market will eventually adjust to the new normal. In the meantime, it's important to be mindful of the current situation and to be prepared for the possibility of higher prices and limited availability.
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