Ontario Used Car Market Update 2025: Prices, Rates & Top Picks
At Ernie Dean Chevrolet Buick GMC, we do more than just sell vehicles — we keep our finger on the pulse of the used car market across Ontario and Canada. As a dealership known for transparency, expertise, and customer-first service, we believe that buying a pre-owned vehicle should come with confidence, not confusion.
That’s why we’ve compiled the latest pricing data, financing insights, and trade-in tips to help you make the most informed decision possible. Whether you’re in Alliston, Barrie, Collingwood, or beyond, this guide is your go-to resource for navigating Ontario’s used car landscape in 2025.
📉 Why Used Car Inventory Is Shrinking (And What It Means for You)
Over the past couple of years, many dealerships — including us here at Ernie Dean — have seen a tightening in used vehicle inventory. One big reason? Fewer lease returns.
We recently reviewed our lease renewals for 2026 and it’s scary how few there are!
🚫 Fewer Leases = Fewer Used Cars
During the pandemic and microchip shortage, automakers produced fewer new vehicles. As a result:
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Fewer people leased cars between 2020–2022 (there were no cars to lease!)
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Many lease customers extended or bought out their leases instead of returning them
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Fewer off-lease vehicles have returned to the market in 2023–2025
All of this has led to a smaller pool of quality, low-kilometre used cars — especially Certified Pre-Owned (CPO) models.
📊 Average Used Car Prices in Ontario
| Vehicle Type | Average Price (CAD) | Year-over-Year Change |
|---|---|---|
| Overall | $37,449 | ↓ 5.7% |
| Cars | $35,830 | ↓ 2.2% |
| SUVs | $36,490 | ↓ 6.2% |
| Trucks | $47,574 | ↓ 3.5% |
| Minivans | $32,730 | ↓ 4.5% |
Source: AutoTrader Price Index – March 2024
💰 What Are Used Car Interest Rates Like?
Financing a used vehicle in Ontario right now? Here’s what you can typically expect:
| Credit Tier | Approx. Interest Rate (APR) |
|---|---|
| Excellent (740+) | 6.49% – 7.99% |
| Good (670–739) | 7.99% – 9.49% |
| Fair (580–669) | 9.99% – 11.99% |
| Limited/No Credit | 12.99%+ |
💥 Special Offer from Ernie Dean:
We’re currently offering Certified Pre-Owned vehicles with low fixed financing rates between 4.99% and 5.49% O.A.C.
That means more value, lower payments, and peace of mind — all backed by GM’s CPO warranty and inspection program.
👉 Browse Certified Pre-Owned Inventory
🛑 How Accidents Affect Your Trade-In Value (Yes, CARFAX Matters)
When it comes time to trade in your vehicle, one of the first things we look at is the vehicle history report — typically from CARFAX Canada. This report tells us (and future buyers) whether the vehicle has ever been in an accident, had insurance claims, or required major repairs.
🚧 Accident History = Lower Trade Value
Even if a vehicle has been repaired perfectly, an accident on the record usually means:
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Reduced market value (sometimes by thousands)
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Lower buyer demand
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Less resale potential for the dealer
📉 How Much Value Could You Lose?
| Accident Severity | Estimated Value Impact |
|---|---|
| Minor (under $3,000) | -5% to -10% |
| Moderate ($3,000–$8,000) | -10% to -20% |
| Major (frame or airbag) | -25% or more |
Source: CARFAX Canada
💡 Pro Tip: When you come in for a trade appraisal at Ernie Dean, we’ll walk you through your CARFAX report and explain exactly how it affects your vehicle’s value — no surprises, no pressure.
🔝 Top 10 Most Popular Used Vehicles in Canada (2025)
If you’re shopping for a used vehicle in Ontario, it’s helpful to know what other Canadians are buying. These vehicles rank among the most searched, sold, and trusted models in the used market — offering great value, strong reliability, and high resale potential.
Canada’s Top 10 Used Vehicles
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Ford F-150
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Toyota RAV4
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Honda CR-V
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Honda Civic
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Toyota Corolla
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Mazda3
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Hyundai Elantra
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Chevrolet Silverado 1500
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Nissan Rogue
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GMC Sierra 1500
📰 Source: Guide Auto Web – Top 10 Best-Selling Vehicles in Canada, 2024
At Ernie Dean Chevrolet Buick GMC, we regularly stock many of these top models — including Silverado, Sierra, Civic, and RAV4.
👉 Browse our current used inventory
🧭 How Ontario Compares
| Province | Avg. Used Car Price (CAD) |
|---|---|
| Alberta | $40,712 |
| Ontario | $37,449 |
| British Columbia | $37,865 |
| Quebec | $35,529 |
| Atlantic Canada | $33,684 |
Data Source: AutoTrader Canada
💬 Final Thoughts from the Ernie Dean Team
At Ernie Dean GM in Alliston, we’re proud to serve drivers from Barrie, Collingwood, Newmarket, and beyond with quality pre-owned vehicles at fair, transparent prices.
Whether you’re looking for a low-kilometre SUV, a budget-friendly car, or a tough work truck, we can help you find the right fit — and we’ll make sure you understand every step of the process.
👀 Browse our used inventory
📞 Talk to a product specialist
📍 Visit us at Ernie Dean Chevrolet Buick GMC