Car troubles: Maritimes see short supply, but high demand
Used cars have become harder to come by in the Maritimes these days– with high demand, but low supply.
"At our location, being in the business for 31 years, the last one to two years have been very trying," says Neil Stanton, the president and owner of Look & Tel Auto in Saint John.
"The supply of vehicles from our normal sources from the auctions in Moncton, Halifax, Montreal – have been diminished."
Stanton says at their location on Rothesay Avenue, inventory is about two thirds of where it normally is this time of year – and getting them in is also coming at a higher cost.
"The prices of used cars at the auction level where we purchase them, are up over 40 per cent than they were a year ago," says Stanton. "So it’s driving the price of vehicles right through the roof."
But it’s not just used cars that are in shorter supply these days – those in the market for a new vehicle are also still having a hard time.
"Car parts, things like computer chips, which almost every new vehicle relies on, were delayed," says John Shmuel, the managing editor for RATESDOTCA. "And that resulted in a decline in availability and an increase in wait times for new vehicles."
A new survey for RATESDOTCA shows that over 40 per cent of Canadians have changed their plans to purchase a vehicle due to the shortage of new ones and the rising prices of used vehicles.
"I mean, we did this survey in April," says Shmuel. "I wouldn’t be surprised if that number is even higher now given that in between that time as I said we saw a big Bank of Canada rate increase."
CTVNews.ca Top Stories
McGill says pro-Palestinian protest outside senior administrator's home 'crosses the line'
McGill University has denounced a pro-Palestinian protest held Sunday outside the home of one of its senior administrators.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
The world's best airline is paying staff a bonus of 8 months' salary
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
Prosecution rests in Donald Trump’s hush money case. The defence now gets its turn to call witnesses
Michael Cohen testified Monday that he stole tens of thousands of dollars from his ex-boss Donald Trump’s company, an admission defence lawyers hope to use to undermine Cohen’s credibility.
Katy Perry sings goodbye to 'American Idol'
Katy Perry said her goodbyes on 'American Idol' after seven seasons. On Sunday night’s live 'idol' season finale, a medley of Perry's hit songs were performed, including 'Teenage Dream,' 'Dark Horse' and 'California Gurls.'
U.S. Supreme Court rejects appeal from former Guantanamo detainee Omar Khadr
The U.S. Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanamo detainee who was seeking to wipe away his war crimes convictions, including for killing a U.S. soldier in Afghanistan.
Red Lobster probes 'endless shrimp' losses after bankruptcy filing
U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.
'Next man up': Canucks coach, teammates bracing for Game 7 without Brock Boeser
Questions about how the team is going to handle the absence of star winger Brock Boeser from a do-or-die game seven dominated pre-game interviews with the Vancouver Canucks coach and players Monday morning.
Woman, 35, in critical condition after her truck collided with a Via Rail train near Montreal
A 35-year-old woman is in critical condition after the pick-up truck she was driving was struck by a Via Rail passenger train Monday morning in Quebec's Monteregie region.