Canadians Exponentially Turning to Used Car Dealerships since 2012, And the Possible Reasons behind That According to Experts

August 20 14:22 2019

The patient boom of the used car market has been expected for several years now particularly in the context of ever-rising prices of new cars, fuel, loans, insurance and other fees and costs associated with purchasing a vehicle. Canadians are no strangers to the phenomenon either.

According to the latest figures available from Statista, sales of used cars have sky rocketed since 2012, increasing from $6 billion to a jaw-dropping $11.42 billion in 2018. And the trends seems to continue in a positive manner.

The expert’s comment

A Car Solutions Canada spokesperson, Toronto established used car dealership weighs in, “There are a number of advantages of purchasing a used vehicle from a trustworthy dealership. For starters, our dealers benefit from a breadth of technical and mechanical expertise than a private owner which is always going to add more value to a potential customer and help them make informed decisions. From a more financially focused perspective, a pre-owned car means the first owner paid for the depreciation. As we all know, the first moment a new car is driven out of the showroom means a 15% loss in value, after that it goes down to about 10% every year. This will enable the new owner to cut losses, should they decide to sell the vehicle in the future. Another possible reason for the spike in used cars purchases might be due to more first-time drivers coming onto the streets. In these cases, it’s always best to have a pre-owned car to begin with – the bumps and scratches won’t be as costly as they would with a newer one.”

Buying a used car from the dealership vs. private

There are a number of risks anyone looking to buy a pre-owned car should be aware of when choosing between a used car dealership and a private seller. One of the most important points to raise relates to safety. Car dealerships are legally required to guarantee the vehicles they are selling are safe and disclose any flaws upfront; private sellers do not have the same obligations and even more so they do not have a reputation to uphold, so the risks are higher. From a cost perspective, while a dealership might have slightly higher prices and less leeway for negotiation, their flexibility sits with financing. Typically, private sellers would only prefer cash while used car dealerships can have in place a wide range of options to enable flexible payment.  

About Car Solutions Canada

Car Solutions Canada is a retailer of used cars in Toronto stocking a wide range of pre-owned cars at affordable prices. Having been on the market for several years, the team of professionals comes to work every day with the mission of living up to their motto – car buying made easy.

Media Contact
Company Name: Car Solutions Canada
Contact Person: Media Relations
Email: Send Email
Phone: 888-716-0037
Address:3715 Keele Street Unit 18 – 19
City: Toronto M3J 1N1
State: Ontario
Country: Canada

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