Toronto, Ontario — Used car sales increased five percent last year amid semiconductor shortages that hampered the new car market and drove buyers to used car lots, according to DesRosiers Automotive Consultants.
A survey by the Used Car Dealers Association found that an average of 250 used vehicles per franchised and independent dealer were sold in 2021, up from 238 a year earlier. Average sales are expected to climb to 256 per dealer this year.
The survey also found large price increases across different used vehicle segments. More than half of dealers said used pickup truck prices increased at least 20 percent, while most dealers said used SUVs and passenger car prices increased 11 to 20 percent.
Conversely, DesRosiers says new vehicle sales were up six percent in 2021, compared to 2020.