Low supply and high demand driving up car prices in Waterloo Region
Car dealerships in Waterloo Region admitted they are busier than ever but supply isn’t coming in fast enough to meet up with demand.
Carimex Auto Sales has about 65 used cars in their Waterloo lot but they usually have about double that.
“Right now we’re actually at an all-time low,” said general manager Peter Mioduszewski.
A School of Engineering professor at the University of Guelph said the lack of inventory is a global issue.
Dr. Stefano Gregori pointed to the pandemic as one of the main culprits in the shift in the automotive industry. He said the demand was generally low for vehicles during the pandemic, while many were not driving as much, and it’s been difficult to adjust to the sudden surge this year of more people looking to buy.
The pandemic, paired with a shortage of car parts for new vehicles, has a trickledown effect, and is impacting used vehicles, and a shortage of car computer chips, adds to the problems the auto industry has been facing.
“Now the production has to go back to an increased demand for automotive chips and changing takes time,” said Dr. Stefano Gregori.
Consumers can expect to pay more when buying used or new vehicles.
Staff at Carimex said while they will help customers get the best deal they can offer, they don’t have much of a choice.
“What I was selling them at the start of the summer that’s what I’m paying for them now in auction,” said Mioduszewski.
Terry Torra bought his 2014 Hyundai Santa Fe XL Limited at the beginning of September, from Carimex.
“Another $5000 more than what I expected. But it’s worth it,” said Torra.
Torra said he looked at about 40 or more other vehicles at other places before finding the right one.
“I didn’t find what I want. I started going out to dealers. And they were just saying we don’t have much on the lot,” said Torra.
Carimex staff suggest trading-in an old vehicle like Torra did with his 2011 BMW.
“In a year’s time, whenever you’re ready to buy another vehicle hopefully the prices will be normalized,” said Mioduszewski.
CTVNews.ca Top Stories
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.