If you’ve been browsing car listings in British Columbia lately, you’ve probably experienced sticker shock — but not in the way you’d expect.
Used cars, especially brands like Toyota and Honda, are selling for prices shockingly close to new models. In some cases, a pre-owned vehicle with 20,000 km or more on the odometer might only cost a few thousand dollars less than a factory-fresh version of the same model.
So what’s really going on here?
Let’s break down why this is happening — and why, for many buyers, the smarter choice might actually be buying new.
1. There’s a Major Shortage of Used Vehicles
COVID-19 disrupted the automotive supply chain across the globe. But while new car inventory has gradually returned to normal, the used car market is still lagging.
Here’s why:
- Many people held onto their cars longer during the pandemic.
- Fewer lease returns and trade-ins reached the market.
- Fleet companies (like rental agencies) weren’t selling off vehicles as often.
In other words, the supply of used cars is limited — and basic economics tells us when supply is low and demand is high, prices go up.
2. Strong Brands Hold Value — Almost Too Well
Brands like Toyota and Honda are known for reliability and low cost of ownership. That reputation means their used vehicles are always in demand. It also means:
- Dealers don’t need to discount them much.
- Buyers are often willing to pay a premium for peace of mind.
That’s why you’ll find a used Toyota RAV4 or Honda CR-V with 30,000 km selling for nearly the same price as a brand-new one.
3. Used Car Interest Rates Are Higher Than New
Let’s talk financing.
In Canada, the interest rate on used car loans is often much higher than for new cars — sometimes 2 to 5% higher, depending on your credit.
For example:
- A new car might offer a 0.99%–3.99% rate.
- A used car might come with 6.99%–9.99% or more.
This has a big impact on your monthly payment.
So even if the upfront price of the used car is a bit lower, the total cost of ownership may end up being the same or more than buying new.
4. New Cars Come With Peace of Mind
When you buy new:
- You get a full warranty (usually 3–5 years or more).
- No unknown history — you’re the first and only owner.
- No hidden wear and tear — new tires, brakes, and no accidents.
And let’s be honest: driving a brand-new car that no one else has used just feels better.
5. The Best Solution? Shop Smart — and Shop New
Here’s the bottom line:
In today’s market, buying new may actually be the better deal, especially if you’re shopping for popular brands like Toyota or Honda.
You’ll get:
- Better financing rates
- Full warranty
- A car that holds value better long term
BUT — there’s one catch…
You still need to shop around.
Some dealerships are adding fees, markups, or requiring a trade-in to even place an order. Others are offering discounts quietly just to move inventory before month-end.
That’s where we come in.
6. How GettingDeal.com Helps
At GettingDeal.com, we do all the hard work for you.
✅ We contact all surrounding dealerships on your behalf
✅ We negotiate the lowest possible price — with full transparency
✅ We show you a side-by-side comparison of fees, availability, and wait times
✅ We don’t give your contact info to salespeople unless you’re ready to buy
There’s no pressure, no wasted time, and no “let me talk to my manager” games.
And best of all?
Our service is completely free for you — we only get paid by the dealership after you make a purchase.
Final Thoughts
If you’re looking to buy a used car in BC and noticing that prices are nearly the same as new — you’re not imagining things.
With high used car prices, higher interest rates, and lower warranties, it may not be the deal you think it is.
Before you make a decision, get a full picture.
🔍 Visit GettingDeal.com and let us help you find the real best deal on a new car — without the dealership runaround.
You might be surprised how close that brand-new ride really is.
