Canadians willing to pay more for new cars

With shortages still plaguing the new vehicle market, a number of Canadians are feeling the impact. And some are even willing to pay a premium to get the car they need.

According to a new study from Auto Trader, 39 per cent of Canadian car shoppers have been personally affected in some way by the shortage. The top impacts of the shortage include higher prices and out of stock vehicles.

As a result, one in five (22 per cent) of vehicle shoppers surveyed said they’re willing to pay more due to the shortage.

The survey found three in five (61 per cent) of Canadians are willing to travel farther away to purchase a vehicle. A third of those willing to travel farther would be willing to trek more than 400 km to get their desired vehicle.

They are also willing to compromise. Two in five (43 per cent) said they would be willing to purchase a different brand, trim or colour than initially intended.

Another 36 per cent are willing to switch from purchasing new vehicles to a used vehicle