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
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.