I’m noticing a few more new cars on dealer lots than before, although they’re still not anywhere close to full. Does that mean no more waits and lower prices than we’ve been seeing? – Tim, Winnipeg
However, that’s more than twice as many cars on dealer lots as this time last year – at the time, it was 19.4 per cent of normal, King said. There’s still a shortage of some high-demand models, including certain trucks and SUVs. Prices keep climbing Average new vehicle prices have been steadily increasing because of inventory shortages, inflation and growing consumer preference for SUVs over less expensive sedans, King said.
“For six to eight months of time now, the [used] market has slowed down, but we’re still 20 per cent over [2019] prices,” said Daniel Ross, senior manager for industry insights with Canadian Black Book , a Markham, Ont.-based company that tracks and forecasts used-vehicle prices. “[Still], in some cases, used cars are more expensive than new cars.”