Brace yourself. The average price of a new vehicle hit a record high in Canada in June – $66,288 – up 21 per cent in one year and 47 per cent over four years, according to AutoTrader.ca’s price index report.
That, combined with higher lease and finance rates, has accelerated auto loan delinquencies, prompting one industry expert to predict that drivers will be forced to downgrade their cars and extend the terms of their loans or leases to keep their payments manageable.
That is insane.
