Used-Vehicle Prices Remain High Amid Sourcing Challenges

RICHMOND HILL, Ont. — Used-vehicle prices continued to moderate in the first half of the year but remain higher than historical levels amid vehicle sourcing challenges, according to the results of a survey by DesRosiers Automotive Consultants.

But sales expectations for the entire year came in at 305 units for franchised new dealers and 140 for independents, lower than forecasted at the beginning of the year. DesRosiers said the used-vehicle market saw a meteoric rise in prices from 2020 to 2022, along with a sharp drop in availability. For used cars, 34 per cent of dealers reported price decreases compared with the first half of 2022 while 44 per cent noted increases. Less than a quarter said used car prices were stable year over year.

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