As a future automotive professional, it’s important to have a clear understanding of what’s going on in the market. Lately, the economy has been unpredictable for several reasons, leaving many of us wondering what’s in store for the future of the car market. If you’re curious about what drivers can expect in 2023, keep reading. We’ll explore what the car market looks like now, how a recession might affect it, and how the savvy driver should react.
Used Vehicle Prices Are Finally Going Down
Supply chain issues in the new car market, used car prices skyrocketed in 2022. Luckily, we’re finally seeing the dramatic price increases subside.
Though the lack of new car supply hasn’t been resolved completely, at the beginning of 2022, Canada saw a 15.4% increase in light vehicle production, according to DesRosiers Automotive Consultants. That being said, experts don’t believe that production will be fully restored until 2023. What can we expect the car market to look like then?
The answer to that question might raise alarm bells for some, but it’s important to remember that the economy experiences natural fluctuations, and the best course of action is to plan ahead. After automotive training, you’ll find that the car market typically bounces back with time.
Changes in Drivers’ Buying Habits Are Predicted to Continue
Everyone with monthly expenses has noticed the rising prices of just about everything due to consumer price index inflation. In addition to inflation, we’re seeing the rise of interest rates which, according to experts, creates the perfect storm for a significant change in consumer habits. How might this affect the car market, and can you expect the current state of the economy to affect your career after auto mechanic school?
A widespread shift towards hybrids and electric vehicles is helping drivers reduce their maintenance costs as electricity is significantly more affordable than fuel. Those seeking to spend less are also opting out of buying new cars, and this can actually be great news for those seeking to pursue careers in the auto repair industry. How so?
How Might You Benefit From the Changing Car Market After Automotive Training?
When sudden changes in the economy occur, the best thing that a driver can do is to make sure that their current vehicle is as fuel efficient as possible, cut back on long trips, adjust their driving style to use less fuel, and regularly monitor their tire pressure. As for those who work in the automotive industry, you may actually see more business if you do repairs! With less disposable income, fewer people purchase vehicles, and more of them decide to repair their existing cars. You’ll want to be prepared for the workforce and gain a solid understanding of the industry. We offer just that at CATI. Upon graduating from one of our automotive training programs, you’ll be fully prepared to launch a successful career in detailing, service operations, and auto body repair.
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