Prices for new and used vehicles hit record high in Saskatchewan, Canada: AutoTrader

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Auto production is restarting as it tries to meet recent consumer demand after the pandemic.

According to data collected by AutoTrader, the average price of a used vehicle rose 38% to $37,768, the highest ever. The average price of new vehicles also increased by 17%, reaching around $53,000 for the first time through April 2022.

Price increases are largest for SUVs, minivans and trucks, research suggests Canadians are increasingly looking to buy larger vehicles, with minivan prices rising at the fastest rate. fast given the shortages in the segment.


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AutoTrader’s director of marketing intelligence, Baris Akyurek, said that in Saskatchewan and Manitoba, those numbers were up 36% and nearly 20% respectively.

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“The average used car price in Saskatchewan and Manitoba is $39,281 and the average new car/vehicle price is $56,572,” Akyrurek said.

Increasing demand allowance and processing customer orders as pre-orders is an important way of doing business for consumers, as supply chains have caused backups for dealers, which means that you cannot leave the field the day you want a new vehicle. You may have to wait.

“We don’t expect to get the inventory levels we had before the pandemic until next year,” Wyant said. “It’s new because they originally had 2022 in mind for that to happen,” says Michael Wyant, Wyant Group COO.

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Due to the COVID-19 pandemic, driving habits have changed, with more and more people wanting to buy their own transport instead of using public transport. They also had the opportunity to do so, as many people had saved funds due to lack of travel and overall daily expenses.

“Due to the lack of travel and higher spending, the Bank of Canada says there is about $200 billion of extra money in the Canadian economy from savings during this time,” Akyurek said.

Prices are up for SUVs, minivans and trucks, the most popular options with consumers.

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According to AutoTrader, this suggests that Canadians are looking for larger vehicles. Minivans, electric vehicles and many more are also experiencing stock shortages which are also a factor in increasing prices with less in the market, especially in the case of minivans.

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Wyant says that with the price increase, customers are still in a good position, despite the change in their buying habits.

“We’re seeing more vehicle financing for longer terms, so people can tailor their vehicle to their budget,” buyers are more patient, but with this getting the exact vehicle they want even means waiting longer,” Wyant said.

Wyant says anyone looking to trade in their vehicle also benefits because used vehicle prices are high, as high or higher than they used to be.

© 2022 Global News, a division of Corus Entertainment Inc.

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