In an Ipsos survey conducted for CBB in March, six in 10 Canadians surveyed said they’ll hold off on purchasing a car because prices are so high now. Non-Luxury vehicle prices: In June, car buyers paid an average transaction price of. Since January, luxury prices dropped by more than 4. “, in some cases, used cars are more expensive than new cars.” Luxury vehicles make up nearly 19 of total vehicle sales. ![]() Honda may be the first ATV manufacturer observed feeling the affects of this global situation but it won’t be the last. JanuThe inventory shortage has dragged on for more than two years now, but for shoppers playing the waiting game, it might feel more like two decades. The shortage is expected to last into 2022. “For six to eight months of time now, the market has slowed down, but we’re still 20 per cent over prices,” said Daniel Ross, senior manager for industry insights with Canadian Black Book (CBB), a Markham, Ont.-based company that tracks and forecasts used-vehicle prices. American Honda has traditionally had inventories of 300,000 new vehicles nationally, plus 100,000 in the pipeline. As if all of this weren’t enough, a fire broke out over the summer at the Japanese plant that supplies most of the world with the fiberglass used to print circuit boards. While used car prices have dropped somewhat because of slowing demand, they’re still higher than normal, an industry analyst said. A year earlier, it was 1.5 million higher. ![]() Last year, the average price of SUVs and trucks was nearly $52,000 – almost $5,000 more than the year before.Īlso, as more buyers looked for used cars because new cars weren’t immediately available, used car prices rose by 40 per cent, on average. A majority of Toyota and Honda dealerships reported last year not having a single EV available for sale on their lots. Pre-pandemic, a 60-day supply of cars and trucks was considered an industry benchmark. Honda’s sales were down 11 percent in the quarter, to 354,914 cars and trucks. SUVs and trucks – which accounted for nearly 84 per cent of all new vehicles sold in Canada last year – have seen the biggest price increase.
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