Sunday, November 14, 2021

Canada: Here's why car prices are skyrocketing


CTV News in Canada shows that ongoing supply chain issues have led to shortages in new and used cars, driving up vehicle prices with no relief in sight.

A so-called "used car", a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers, rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales. Some car retailers offer "no-haggle prices," "certified" used cars, and extended service plans or warranties.

In Ontario, Canada, new and used vehicle sales are regulated by the Ontario Motor Vehicle Industry Council (OMVIC). In Alberta, Canada, new and used vehicle sales are regulated by the Alberta Motor Vehicle Industry Council (AMVIC).

A so-called luxury car is a car that provides increased levels of comfort, equipment, amenities, quality, performance, and status compared to regular cars for an increased price. The term is subjective and reflects both the qualities of the car and the brand image of its manufacturer. Luxury brands rank above premium brands, though there is no fixed demarcation between the two.

Traditionally, most luxury cars were large vehicles, though smaller sports-oriented models were always produced. "Compact" luxury vehicles such as hatchbacks, and off-road capable sport utility vehicles, are relatively modern trends.

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