Very cautious on sales going into holiday season: top economist
DesRosiers Automotive Consultants Inc. says new car sales in November soared 20.7 per cent compared with last year, as vehicle supply improves.
Andrew King, managing partner at DesRosiers, says November saw the largest percentage gain in sales so far this year.
The data shows car sales continued to defy affordability woes and high borrowing costs, with November marking the thirteenth straight month of year-over-year gains.
King says improving vehicle availability and strong pent-up demand from the pandemic are continuing to fuel sales.
However, he adds the monthly total for car sales was still below the pre-pandemic November market.
King says this year's car sales have already topped 2022 levels, even with December sales yet to come, pointing to an important recovery since the COVID-19 pandemic.
This report by The Canadian Press was first published Dec. 4, 2023.