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
'Terrifying': Manitoba resident speaks on wildfire and evacuation
As a pair of wildfires burn near Flin Flon and The Pas, a number of Manitobans are being told to evacuate their homes.
Steve Buscemi punched in the face while walking in N.Y.C.
Hollywood actor Steve Buscemi has been treated for injuries after being punched in the face while walking in New York City.
Canucks' Zadorov fined $5,000 for post-game crosscheck on Oilers' McDavid
A Vancouver Canucks defenceman has been given the highest possible fine under the NHL's collective bargaining agreement after a scrum broke out at the end of Game 3 against the Edmonton Oilers Sunday night.
DEVELOPING Michael Cohen takes the stand as testimony in Trump hush money case enters 4th week
The star prosecution witness in Donald Trump's hush money trial is set to take the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.
Air quality advisories issued in 5 provinces, 1 territory
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Jerry Seinfeld speech prompts pro-Palestinian demonstration at U.S. university graduation ceremony
A tiny contingent of Duke University graduates opposed pro-Israel comedian Jerry Seinfeld speaking at their commencement in North Carolina Sunday, with about 30 of the 7,000 students leaving their seats and chanting "free Palestine" amid a mix of boos and cheers.
Just how bad are ultraprocessed foods? Here are 5 things to know
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.
No refund for travellers who cancelled flight already scrapped by airline: regulator
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
opinion Harry and Meghan's Nigerian adventure: Traditional attire to warm welcomes
For her latest column on CTVNews.ca, royal commentator Afua Hagan writes about Prince Harry and Meghan Markle's recent visit to Nigeria, calling it a 'deeply meaningful campaign' that was about aligning their ongoing efforts to foster mental-health awareness and promoting the Invictus Games.