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Rising prices for used cars in Canada

According to the latest World March Motor Scotiabank global car sales have experienced an acceleration during the summer with a 6.5% increase from one year to another in July and August, up compared to an increase of 4% in the first half.

"The improvement is attributable to increases of over 10% in the United States and Asia, in particular China - the largest market in the automotive world and one which is growing the fastest," stated Carlos Gomes, senior economist and specialist in the automotive sector has Scotiabank. "In Canada, sales of cars and light trucks have recorded a third consecutive record month in September. In addition, prices of used cars have increased beginning in October in parallel to the recent expiration of incentives offered with the purchase of several new vehicles. They remain students in coming due to the current tight supply of used models months. "

Here are some highlights from the report:

• Incentives for purchase of new cars and light trucks were offered during the summer in Canada, reducing the prices of new vehicles 5% since early 2013. This is the fifth year of suite or automakers have increased incentives to purchase new vehicles to boost sales.

• As in Canada, a shortage of cars and light trucks used is also felt in the United States. This results in the number of imported used vehicles from the United States to Canada strongly decrease.

• However, after several years or fewer vehicles coming off-lease in both countries, some relaxation will be felt in 2014 as the recovery in sales of new vehicles will eventually increase the supply of models of Used for the first time since 2009.

The integral version of the Global Report On Motor Scotiabank can be found at the following address: http://www.scotiabank.com/ca/en/0, 3112.00 html (in English only. ).

Scotiabank offers to its clientele a comprehensive analysis of the factors that shape the outlook for Canada and the global economy, including macroeconomic developments, trends in exchange markets and capital markets, the performance of commodities and the industry as well as issues relating to monetary, fiscal and public policy.

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