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August 6, 2024 by Adam Malik
Image credit: Depositphotos.com
With the rising cost of living impacting Canadians’ ability to afford transportation, a recent survey found significant shifts in consumer behaviour and preferences in the automotive market.
A recent Léger survey commissioned by Toyota Canada found that 59 per cent of Canadians find vehicle ownership less financially achievable today compared to their parents’ generation. This sentiment is even stronger in British Columbia, where over two-thirds of respondents feel the financial pressure acutely.
As a result, 66 per cent of Canadians have changed their approach to vehicle ownership in the past year, opting to delay purchasing new vehicles (31 per cent) or choosing used vehicles instead (27 per cent). Younger drivers, aged 18-34, are particularly impacted, with 31 per cent preferring used vehicles, compared to 23 per cent of those aged 55 and older.
“At a time when Canadians are grappling with financial pressures, how to best spend their automotive dollars for long-term value becomes even more important,” said Stephen Beatty, vice president of corporate at Toyota Canada. “This decision goes beyond the new car purchase to consider operating and maintenance costs as well as resale value down the road.”
In response to these findings, Beatty emphasizes the importance of automakers focusing on delivering high value throughout the ownership lifecycle.
Furthermore, most (56 per cent) of Canadians are addressing affordability concerns by either cancelling or delaying at least one major purchase. The most affected areas include travel (34 per cent), personal vehicles (21 per cent), and home renovations (20 per cent). Alberta (66 per cent), Manitoba and Saskatchewan (61 per cent), and British Columbia (58 per cent), report the highest percentages of delayed purchases.
Rising costs prompt Canadians to rethink vehicle ownership
Image credit: Depositphotos.com
With the rising cost of living impacting Canadians’ ability to afford transportation, a recent survey found significant shifts in consumer behaviour and preferences in the automotive market.
A recent Léger survey commissioned by Toyota Canada found that 59 per cent of Canadians find vehicle ownership less financially achievable today compared to their parents’ generation. This sentiment is even stronger in British Columbia, where over two-thirds of respondents feel the financial pressure acutely.
As a result, 66 per cent of Canadians have changed their approach to vehicle ownership in the past year, opting to delay purchasing new vehicles (31 per cent) or choosing used vehicles instead (27 per cent). Younger drivers, aged 18-34, are particularly impacted, with 31 per cent preferring used vehicles, compared to 23 per cent of those aged 55 and older.
“At a time when Canadians are grappling with financial pressures, how to best spend their automotive dollars for long-term value becomes even more important,” said Stephen Beatty, vice president of corporate at Toyota Canada. “This decision goes beyond the new car purchase to consider operating and maintenance costs as well as resale value down the road.”
In response to these findings, Beatty emphasizes the importance of automakers focusing on delivering high value throughout the ownership lifecycle.
Furthermore, most (56 per cent) of Canadians are addressing affordability concerns by either cancelling or delaying at least one major purchase. The most affected areas include travel (34 per cent), personal vehicles (21 per cent), and home renovations (20 per cent). Alberta (66 per cent), Manitoba and Saskatchewan (61 per cent), and British Columbia (58 per cent), report the highest percentages of delayed purchases.
