Sumary of Looking for a used car? It may cost you as much as a new one:
- When Nadaf launched her new clothing business, the couple realized they had to upgrade from their current car, which Merchant describes as a “basic model” 2014 Chevrolet Cruze.
- With fewer cars and trucks rolling off factory floors, both consumers and rental companies are holding on to their vehicles for longer, which is, in turn, reducing the number of used cars available for sale, he adds.
- Story continues below The pullback from rental companies, in particular, has significantly dried up the supply of those coveted used vehicles that are just a couple of years old, Murphy says.
- Many rental operators tend to trade in their vehicles after between 12 and 24 months, he adds.
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- woman’s $30 online order with a 3rd-party seller on Amazon turns into $436 vehicle bill As demand plunged during the pandemic, rental car companies across Canada sold off 30-to-40 per cent of their fleets on average, according to the Associated Canadian Car Rental Operators.
- But now that domestic travel has rebounded somewhat and the supply of new vehicles remains tight, rental companies are scrambling to meet consumer demand.
- Rental car companies hanging on to their existing vehicles and sometimes buying used ones, according to Murphy.