More Canadians Considering Vehicle Purchase as Prices Drop, Supply Increases

The cost of buying a vehicle has been dropping, leading to more Canadians considering a purchase, a recent report says. Used cars in particular have seen an eight percent drop in price over the last 12 months, according to AutoTrader, an online marketplace for buying and selling vehicles. “Starting in the third quarter of last year, used car demand softened slightly on a year-over-year basis,” the June 2024 report said. “This trend, coupled with increased used car supply, resulting from strong new car sales and subsequent trade-ins, as well as a pivot in demand to new cars due to a ramp up in production and availability, has brought about declining used car prices.”...