Inflation has hit us all very hard but some industries harder than others. Nowhere is this more evident than the automotive industry where prices of new and used cars have skyrocketed over the past year.
Not only that but interest rates have also skyrocketed so it’s a double whammy hit on consumers’ wallets.
Even despite all of this, it takes some getting used to in order look at what Toyota is charging for a new Rav4. The list price is officially $35 039 – $45,139 with transport and preparation included and before tax. Mentally, it takes a large adjustment to swallow paying this much money for a compact SUV but here we are. Toyota can take a breath, however, because its arch competitor to the Rav4 – The Honda CR-V is even more expensive and has less options.
Fortunately, the bank of Canada looks like it might slow things down in 2023 as the market is correcting itself. This should bode well for car buyers and homeowners alike.
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