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The used car sales will continue to droop down in Canada till 2009!
As per the most recent Global Auto report that was issued by the Scotia Economics on Tuesday, the price of the used cars from Canada spreading to the whole of North America will continue decelerating till the early 2009.
Recently in a press conference, Carlos Gomes, a specialist from auto industry in Scotiabank who also happens to be a senior economist, explained clearly that since 2006 (the last few months) the prices of used cars throughout North America have been going down. According to him, during the initial months of 2008, this weakness accelerated further especially because of the worsening economic conditions through the United States. He also expects that this condition will continue even during the early 2009 because of the rising unemployment in Canada as well as in USA.
As per the Used Car Price Index in Scotiabank, the decline in price in Canada started from mid 2006 as a result of the increasing import of second hand cars from the United States which were sold at a cheaper rate than the local used autos. The drooping economy in the US has led the Americans to sell off their cars at an unbelievable price which in turn has affected the used car market of the Canadians, particularly those areas that are in the vicinity of the US – Canada border.
It is also being expected that the new car market across North America will also get affected and will show a slump in contrast to the huge sale projections of the Asian economy like China. In the latest Beijing Auto Show, The AP has quoted some car executives saying that in Asia, the sale of few models have grown by almost 100% that too in the initial quarters of 2008.
Yuzo Ushimaya, the executive at the Toyota Motor, has quoted to the AP that this year the firm might sell as many as 700,000 cars, which is an upgradation by 40% from the sales in 2007. On the whole, there was a 5.5 million unit auto sale in China in the year 2007.
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