Toronto, Ontario — With inventory shortages rampant throughout the auto industry, that old beater car you let your teenager drive is actually becoming quite the hot commodity as Canadian Black Book reports that used vehicles have retained 64 percent their value over the past four years.
According to senior vice president and general manager at Canadian Black Book, Yolanda Biswah, this is the highest and fastest progression of used vehicle prices ever.
“We all know that supply issues are a key factor in driving prices up, however, we must also recognize that the overall quality of vehicles has also gone up, which is another significant component contributing to recent value growth,” said Biswah in a statement.
The previous high was 61.5 per \cent, set back in March. The numbers are calculated in preparation for Canadian Black Book’s Best Retained Value awards.
The top overall car brand for retaining value was Honda. Top truck or SUV was GMC. The top luxury brand at retaining value was Porsche. Volkswagen came on top of zero-emission vehicles. The most improved winner was Kia.