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
Air quality alerts issued as wildfire smoke spreads east from Western Canada
Wildfires have led Environment Canada to issue air quality advisories for parts of B.C., Alberta, Manitoba, Saskatchewan and the Northwest Territories, as forecasters warn the smoke could drift farther east.
LIVE UPDATES Michael Cohen will face a bruising cross-examination by Trump's lawyers at the hush money trial
Donald Trump’s fixer-turned-foe returns to the witness stand Tuesday for a bruising round of questioning from the former president’s lawyers.
B.C. brings in law on name changes on day that child killer's new identity revealed
The BC NDP have tabled legislation aimed at stopping people who have committed certain heinous acts from changing their names.
When you have a moment's notice to evacuate, what do you take?
Knowing what to have at home, or take with you for an evacuation, can be useful and even life-saving.
A healthy lifestyle can mitigate genetic risk for early death by 62%, study suggests
Even if your genetics put you at greater risk for early death, a healthy lifestyle could help you significantly combat it, according to a new study.
Steal a car, lose your driver's licence under new Ontario proposal
Repeat car thieves may face lengthy license bans under proposed changes to Ontario’s Highway Traffic Act.
Sunchips, Munchies recalled by Frito Lay Canada for possible salmonella contamination
Frito Lay Canada is recalling two of its most popular snacks due to a possible risk of salmonella contamination.
No, a best-selling American writing duo didn't pen a Galen Weston romance novel
You would be forgiven for thinking Christina Lauren's latest romance novel stars a hunky reimagining of Loblaw chairman Galen G. Weston.
Ellen DeGeneres addresses the 'hurtful' end of her talk show in new stand-up set
Ellen DeGeneres is reflecting on how her talk show came to an end in her newest Netflix special, 'Ellen's Last Stand ... Up Tour.'