The New Brunswick Automobile Dealers’ Association (NBADA) says used cars and trucks have become very popular with buyers these days – if you can even find them.
NBADA president Chris Downey says used vehicles are becoming as scarce as new vehicles.
“I don’t know if I’d say the used car market is booming. I think registrations are probably actually down and prices are through the roof.”
Downey says some used vehicles are netting higher prices than when they were first driven off the lot.
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At auctions, Downey says some used vehicles are being sold above the manufacturer’s suggested retail price (MSRP).
“I actually saw a vehicle go through the auction two weeks ago that went for twice its MSRP and it was a year old.”
He adds it’s quite extraordinary and tends to happen with vehicles which are considered rare.
Downey says the vehicle was a work van which are hard to find right now.
As another example, he expects many dealers will be contacting customers who bought half-ton trucks and urge them to sell in the months ahead.
Meantime, new cars and trucks remain scarce due to an ongoing world shortage of semiconductors.
