Why are cars so expensive in Canada today?
Episode 193 of Down to Business podcast
How expensive are cars in Canada today? In the first quarter of 2023, a new vehicle cost $61,000 on average and a used vehicle cost $39,000 on average.
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That’s up from about $45,000 and $26,000, respectively, in the first quarter of 2021.
This week on Down to Business, Charles Bernard, lead economist for the Canadian Automobile Dealers Association in Ottawa, a trade and lobbying organization for dealerships, spoke about the forces causing vehicle prices to rise.
Discussions about price inflation often begin with a conversation about how the COVID-19 pandemic disrupted global supply chains and Bernard said the auto industry has certainly been affected by mismatched supply and demand and lately a shortage of semiconductor chips.
But electric vehicle transition is also having inflationary impacts, which is acutely affecting dealerships. As always the interview is edited for clarity and brevity.
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• Email: gfriedman@postmedia.com | Twitter: GabeFriedz
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