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Ontario Used Car Market Update May 2026

Used Vehicle Dept May 12th, 2026
MAY 2026 USED CAR UPDATE

Ontario Used Car Market Update – May 2026

What We’re Seeing in Ontario’s Used Car Market Right Now

If you’ve been shopping for a used vehicle lately, the market probably feels a little confusing right now.

A year ago, it felt like everything was expensive.

Now?

Some vehicles are finally starting to settle down a bit, while others still seem to disappear the second they hit the lot.

From what we’re seeing here in Alliston, the Ontario market is starting to feel more normal again, which honestly is probably good news for buyers.

Inventory has improved compared to the last couple years.

There are more choices out there.

And shoppers are becoming way more patient and value-focused than they were during the peak shortage years.

That said, certain vehicles still hold value unbelievably well, especially trucks and clean SUVs.

Here’s what’s standing out to us heading into May 2026.

Trucks Still Aren’t Cheap

If you’ve been waiting for truck prices to suddenly crash, we still haven’t really seen that happen.

Especially in Ontario.

Used Sierra and Silverado trucks continue to move very quickly when they’re clean and priced properly.

Even trucks with higher mileage are still getting attention if:

  • The history is clean
  • Maintenance has been done properly
  • They aren’t rusted out
  • The payment still makes sense

A lot of buyers who planned on buying new are now realizing a new truck payment can get pretty wild pretty fast.

So instead, they’re looking at:

  • 2 to 5 year old trucks
  • well-kept trades
  • lower trim work trucks
  • older HD models

And honestly, some of those are still incredible value compared to brand new pricing.

We’ve also noticed buyers becoming much more realistic about mileage.

Five years ago, people wanted everything under 60,000 km.

Now, buyers are much more open to trucks with 100,000 km or more if the condition is strong.

SUVs Are Still The Sweet Spot For Most Buyers

SUV demand still feels incredibly strong right now.

Especially practical SUVs.

Most shoppers walking through the door are focused on:

  • monthly payment
  • fuel economy
  • reliability
  • winter driving
  • cargo space

People are definitely thinking more carefully before spending money right now.

We’re seeing fewer shoppers chasing fully loaded luxury trims and more buyers looking for smart value.

Honestly, some of the most underrated vehicles right now are the mid-trim SUVs that quietly do everything well.

The Buick Envision is a perfect example of that.

If you haven’t read it yet, we also recently wrote about why we think the Envision is one of the most underrated SUVs in Ontario right now:

A lot of shoppers come in looking at CR-Vs, RAV4s, or CX-5s, then end up surprised by how refined and comfortable the Envision actually feels once they drive it.

Used EV Prices Continue to Shift

The EV market remains one of the most interesting segments in Ontario right now.

Some used EV values have softened considerably over the past 12 months.

This is especially true for:

  • older Tesla models
  • first-generation EVs
  • luxury EVs with heavy original depreciation

At the same time, affordable EVs like the Chevrolet Bolt EUV continue attracting attention from practical Ontario commuters.

We’re also seeing more buyers specifically searching for affordable used EV inventory as gas prices continue to fluctuate:

Many shoppers are realizing that a used EV can now cost less than some comparable gas-powered compact SUVs.

The biggest hesitation we still hear from buyers?

Battery longevity and winter performance.

As charging infrastructure improves across Ontario, we expect confidence around used EV ownership to continue growing.

Recent Canadian market data also continues showing increased interest in affordable used EV inventory as pricing becomes more accessible for everyday buyers:

Financing Rates Are Improving Slightly

One of the biggest conversations we continue having with customers revolves around financing.

Rates are still higher than what buyers became accustomed to during the ultra-low-rate years, but things are slowly becoming more manageable.

Compared to late 2023 and early 2024:

Industry-wide reporting has also shown that buyers across both Canada and the U.S. are slowly becoming more active again as used vehicle pricing and financing conditions stabilize:

This is helping bring more buyers back into the market.

We’re especially seeing stronger activity from:

  • first-time buyers
  • younger families
  • buyers replacing aging vehicles they held onto during the inventory shortage years

Certified Pre-Owned Vehicles Continue to Stand Out

Certified Pre-Owned vehicles remain one of the strongest value plays in today’s market.

If you’re shopping for something newer with warranty coverage still available, our current Certified and late-model used inventory is usually the best place to start:

Many Ontario shoppers still want:

  • Warranty protection
  • Inspection confidence
  • Roadside assistance
  • Lower ownership risk

Without paying full new-vehicle pricing.

That’s exactly why CPO inventory continues performing well.

One thing we’ve actually had a tonne of success with lately at Ernie Dean Chevrolet Buick GMC is offering 4.99% financing for 72 months on many of our 2022 and newer Chevrolet, Buick, and GMC trade-ins.

For shoppers trying to keep payments realistic while still getting something newer with strong warranty coverage, it’s been one of the better value opportunities we’ve seen in a while.

A lot of buyers are surprised when they realize they can finance a late-model GM Certified vehicle for significantly less than a brand-new equivalent.

If you’re unfamiliar with the GM Certified program, you can learn more about the benefits and coverage directly here:

For many buyers, the sweet spot right now is:

  • 2 to 4 years old
  • lower mileage
  • manufacturer-certified
  • strong service history

Those vehicles tend to move quickly whenever they hit our inventory.

What We Expect for Summer 2026

Heading into summer, we expect the Ontario used vehicle market to remain fairly stable overall.

We do not currently expect a major crash in used pricing.

Instead, we’re likely entering a more normalized market where:

  • Pricing becomes more rational
  • Inventory gradually improves
  • Shoppers regain negotiating power
  • Financing slowly becomes less aggressive

Vehicles we expect to remain strongest:

  • Trucks
  • Large SUVs
  • Clean one-owner trades
  • Low-kilometre CPO inventory

Vehicles likely to continue softening:

  • Older EVs
  • Luxury sedans
  • Niche performance vehicles

Final Thoughts

Honestly, the used market finally feels a little more reasonable again.

Not cheap.

But more balanced.

Buyers have more options than they did a couple years ago, and panic-buying has definitely slowed down.

At the same time, the best vehicles still move quickly.

Especially:

  • Clean trucks
  • One-owner trades
  • Lower kilometre SUVs
  • Certified inventory

If you’re currently shopping trucks or SUVs, you can browse some of our most popular inventory categories below:

We’ve also noticed comparison-style articles continue helping shoppers narrow things down before they visit the dealership:

If you’re trying to figure out whether now is the right time to buy, trade, or wait things out a little longer, the answer really depends on the vehicle category.

But overall, May 2026 feels much healthier than the market did during the peak shortage years.

And honestly, that’s probably a good thing for everybody.

If you’ve got questions about the market or you’re trying to figure out what your current vehicle is worth, feel free to reach out or stop by the dealership in Alliston anytime.

ERNIE DEAN CHEVROLET BUICK GMC LTDUsed Vehicle DeptOntario Used Car Market Update May 2026