Sumary of Some used cars are now selling for as much as new models. Here’s why:
- But in the upside-down reality of the COVID-19 pandemic, that’s largely no longer the case.
- “We are seeing lightly used vehicles that are really being sold for almost the same as a new vehicle or in some cases a little bit more than a new vehicle, says Brian Murphy, managing director of Kelley Blue Book and Data Solutions.
- 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.
- Here’s what you need to know Ontario reports 185 COVID-19 cases, 7 deaths B.
- 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.