In the market for a used car? Here’s what’s behind Canada’s cooling market

According to some analysts, the used vehicle market is finally beginning to drop off while the price of new automobiles in Canada is still on the rise.

People opted for used automobiles as a result of difficulties the new car industry suffered during the COVID-19 epidemic, such as delivery delays. However, as certain epidemic impediments begin to fade, used automobile demand is starting to normalize, which is causing prices to decline.

However, because of slower demand and higher financing costs due to interest rates, buying a new car has become more expensive. reports Vanessa Wright.