New car prices up by 1.4 per cent and used cars down by 7.5 per cent, opening doors to prospective buyers.
A significant increase in new car inventories is cooling the heated used car market across the country.
This comes as inventory of new vehicles has ramped up by 70 per cent. The Bank of Canada, meanwhile, has been cutting its overnight rate in recent months, allowing for lower interest rates on car loans. A boost in new car sales and trade-ins have led buyers away from purchasing used cars, triggering an accumulation of used car supply, decreasing average prices of used cars by 8.3 per cent annually to $36,342 nationwide.
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