Tuesday, August 15, 2023

What's driving up car prices to record levels in Canada?

Global News has the story.

Buying a car is tougher than ever, as both new and used car prices are higher than ever. 

The average price of a new vehicle in Canada is now roughly $62,000, while a used one costs about $39,000 according to Auto-Trader. 

Touria Izri explains what's fuelling high prices and low supply, how long some drivers have to wait to get a new automobile and what's created the pothole the auto industry is struggling to steer out of.

1 comment:

  1. A so-called "hybrid vehicle" is one that uses two or more distinct types of power, such as submarines that use diesel when surfaced and batteries when submerged. Other means to store energy include pressurized fluid in hydraulic hybrids.

    Hybrid powertrains are designed to switch from one power source to another to maximize both fuel efficiency and energy efficiency. In hybrid electric vehicles, for instance, the electric motor is more efficient at producing torque, or turning power, while the combustion engine is better for maintaining high speed. Improved efficiency, lower emissions, and reduced running costs relative to non-hybrid vehicles are three primary benefits of hybridization.

    A hybrid version of a car might be about $5,000 more expensive.