Canadian Used Car Market

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The Changing Face of the Canadian Used Car Market
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• Second hand cars in Canada are in high demand
  with the COVID-19 crisis putting people off using
  public transit and used car prices are more than
  4 down on last years figures.

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• Canadian commuters are concerned about sitting in
  close proximity to people they dont know on
  public buses and trains, so they are opting to
  drive and this has seen around a 10 increase in
  used car sales in just a month between May and
  June 2020.

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• This dramatic change in habits shows the median
  used car price in Canada at 17,995, which is a
  4.8 decrease on last year and a 4.7 per cent
  decrease from May to June. The price of new cars
  has also gone down by 0.1 on last years figures
  to 39,075.

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• Transport bosses in Vancouver said they were
  expecting the number of people using their
  services to continue to remain low for a while
  due to people feeling anxious about traveling in
  close proximity to other commuters and because
  more than 50 of the local workforce are able to
  work from home and continue to do so.

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• Low fuel costs have also exacerbated the issue as
  it is more inviting for people to travel by car
  if it costs less to do so.
• A report on the spending habits of Canadians has
  also suggested that the increased interest in
  used cars is so Canadians can holiday closer to
  home this year. The international pandemic is
  encouraging people to holiday closer to home and
  used cars are their way to get to more local
  destinations.

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• The Canadian Black Book, a price and industry
  guide published for dealerships, insurance
  companies and car wholesalers every two weeks,
  said that it is good news for people wanting to
  purchase a used car, but not great for those who
  are looking to sell their cars as they forecast a
  worst case scenario that sees cars lose a quarter
  of their value.

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• But car dealerships in Ontario are predicting a
  downturn in overall sales for the year. A report
  showed that eight our of 10 Ontario dealers
  expected a 26 decline and three in 10 said the
  sector would drop by more than half.

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• Experts have been issuing top tips to motorists
  looking to sell their cars so they can bank as
  much as they can for their vehicles. The tips
  include a full clean, possibly even a
  professional valet and consider the time in which
  you are selling a car, for example if you have a
  convertible, the Spring is the best time to sell
  it. It is advised to do your homework to make
  sure you demand the most you can for your car.
  Browsing sites and comparing your make, model and
  mileage to others being sold will give you some
  ballpark figures. In Ontario, you must have a
  Used Vehicle Information Pack. You can order is
  online from the Ministry of Transportation for
  20.

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• A Carfax report that will tell buyers all about
  the cars crashes and odometer readings will help
  to provide transparency when you are trying to
  sell. Proof of regular servicing will help you to
  get closer to your asking price, so make sure you
  provide your service book. Take lots of
  photographs of your car from every angle, so you
  are again be totally transparent with your
  prospective buyers.

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• Make sure you protect yourself with the money
  transaction as fraud cases are high. Perhaps
  consider going with the buyer to the bank when
  the transfer is made. With the Canadian dollar
  low, the export of used cars will be high, so
  going through a dealership could help protect you
  from fraudsters.

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• A key factor for people considering used cars
  prices in Canada is the fact that rental firm
  Hertz declared bankruptcy, which mean there is a
  flood of used cars on the market from the
  companys huge fleets in Canada, the US and
  across the world.

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• According to the Automobile Protection
  Association, used car buyers are looking for cars
  that cost less than 300 per month.
• A spokesperson from the Canadian Black Book said
  that they were expecting vehicle repossessions
  and sales at auction to spike due to people
  falling on to hard times as a result of COVID-19,
  but that also created a good opportunity for
  people who were looking for a used car bargain.

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• But industry experts have warned that the used
  car buyers market would not last and now was the
  time to buy if they were in the market for a new
  car.

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Contact details

• Company Name Car Solutions Canada
• Address 3715 Keele Street Unit 18 19, Toronto,
  ON M3J 1N1
• Phone Number 888-716-0037
• Website https//www.carsolutionscanada.com/blog/h
  ow-much-do-used-cars-cost-in-toronto.htm