Automotive

Used car prices about to rise?

  • Last Updated:
  • May 26th, 2021 12:24 pm
Deal Addict
Feb 19, 2017
3259 posts
3285 upvotes
I typically buy used vehicles because the savings on depreciation is always worth it compared to getting brand new with no issues. I usually buy still in warranty or CPO with 30k or and man...It's a been a bad year for me, finally in the market for a snowmobile, and the used market goes to hell in a handbasket. In the market for a vehicle that can tow/transport said snowmobile, the used market goes to hell for cars/trucks/suvs. I want this stuff but I'll probably end up waiting another year or 2 before diving, because I have such a hard time justifying the cost for fun...
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Feb 6, 2004
6902 posts
586 upvotes
GT'eh
all this Carrentalcos Mexi talk has me hungry for tequilla + tacos, who up for a group buy but have to socially distance of course Smiling Face With Open Mouth
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Deal Expert
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Oct 6, 2010
15881 posts
10565 upvotes
Toronto
sunnykw2305 wrote: Here's a Mitsubishi Lancer trophy car asking for high prices. Probably 3x the original MSRP price in 6 years.

https://www.baywestmitsubishi.ca/used/v ... 548719.htm
People were not spending the $60k on them brand new, let alone $150k AND without warranty.... It's used, therefore warranty is either over or very close to it...

lmfao at this dealer.
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Sr. Member
Dec 4, 2017
706 posts
734 upvotes
Toronto
koffey wrote: People were not spending the $60k on them brand new, let alone $150k AND without warranty.... It's used, therefore warranty is either over or very close to it...

lmfao at this dealer.
I did some Googling, 1600 Lancer Final Edition were made for US and additional 350 were for Canada. So 1950 production run isn't that exotic in terms of limited production run. Based on the plaque, looks like they have 350th of 350 ever made for Canada. While Mitsu Eclipse Convertible probably only sold a handful of them in Canada but used value tanked, albeit different car class comparison. Mitsu dealer only posted on FB Marketplace, it's not even on Auto Trader, guess they really are looking for local buyer or testing the waters at $150k for publicity purposes just like the Quebec Hyundai dealer listing an old Pony for sale. Agreed for the money they're asking for, I'd buy a used manual supercar.
Deal Addict
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May 18, 2002
4598 posts
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Brampton
There were good sale prices. For about 2 weeks in June of 2020, annoyingly coinciding with my time in covid isolation.
Since then they have risen pretty steady and wont be going back to normal for some time still.
So, I missed the boat along with many others.
Best bet now is new cars, might actually be cheaper than used.
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Member
Aug 9, 2015
320 posts
266 upvotes
prod wrote: There were good sale prices. For about 2 weeks in June of 2020, annoyingly coinciding with my time in covid isolation.
Since then they have risen pretty steady and wont be going back to normal for some time still.
So, I missed the boat along with many others.
Best bet now is new cars, might actually be cheaper than used.

Agreed. Any good spots for any deals on any vehicles?
Sr. Member
Aug 5, 2007
551 posts
498 upvotes
brother got offered on trade-in $2000 more on a 2020 Silverado than he paid last year for it brand new and it has 9k km.
Deal Expert
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Oct 6, 2010
15881 posts
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Toronto
prod wrote: There were good sale prices. For about 2 weeks in June of 2020, annoyingly coinciding with my time in covid isolation.
Since then they have risen pretty steady and wont be going back to normal for some time still.
So, I missed the boat along with many others.
Best bet now is new cars, might actually be cheaper than used.
Yep, got mine June 27th 2020. Sweet deal. All around the time people asking about covid fire sales, lmao.
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Deal Addict
Oct 24, 2010
2982 posts
3186 upvotes
Ottawa
We're in the market for a family vehicle right now. Sucks that it coincides with prices increases, but it's maybe a good thing that I didn't baseline the price before now.
Deal Addict
Jan 12, 2008
1655 posts
1602 upvotes
TDot
It there a specific category of vehicle that went up (eg sporty, family CUVs, older, newer etc) or did all vehicles go up in value?
Deal Addict
Nov 11, 2013
1174 posts
1556 upvotes
Calgary
IndusVally wrote: It there a specific category of vehicle that went up (eg sporty, family CUVs, older, newer etc) or did all vehicles go up in value?
Mainly trucks from what I’ve seen. Cars/suv not as bad
Deal Addict
Sep 24, 2006
1161 posts
437 upvotes
Are there any sites that track used car prices in Canada? Would love to see trends over the last year.
Deal Addict
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Feb 24, 2007
3870 posts
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Toronto
I usually use vmrcanada.com to see wholesale/retail pricing

I checked my 2009 TL and see both the wholesale and retail value has gone up by about $750-$1000

Thinking I cash in now, survive on one care for a while... given I got 247,000KM now (original owner) - or I run it to 300-400k (hopefully)..
Deal Guru
Sep 1, 2004
12894 posts
13091 upvotes
IndusVally wrote: It there a specific category of vehicle that went up (eg sporty, family CUVs, older, newer etc) or did all vehicles go up in value?
Trucks. SUVs. Toys. You want to say a buck, buy a sedan.
Deal Addict
Jan 20, 2012
1132 posts
824 upvotes
Toronto
Xtrema wrote: https://driving.ca/toyota/auto-news/new ... ovid-cases

On top of parts storage, COVID is wrecking supply lines for Cambridge.



Well truth be told, I kinda knew demand will be up and price will inflate due to QE. But never thought chip shortage and COVID labor disruption will add fuel to that fire.

https://www.cnn.com/2021/04/21/business ... index.html

ME: Why is the new RX costs $3000 higher? The optional package is also $3000 more too. It's $6000 more in compare to last MY with no design change.

Lexus rep: We offer Apple Carplay now.
Deal Expert
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Oct 6, 2010
15881 posts
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Toronto
Inclemental wrote: ME: Why is the new RX costs $3000 higher? The optional package is also $3000 more too. It's $6000 more in compare to last MY with no design change.

Lexus rep: We offer Apple Carplay now.
lol, that's pretty good. And we all know that folks today want apple in their car, seen the threads so they are willing to pay more for it.
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Newbie
Oct 8, 2020
44 posts
13 upvotes
Yup that's strange - seems like Covid affected many used cars price to go higher a bit. I hope next few years will be cool down. I was looking at both new car vs used cars to figure out differences in prices

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