Almost half of Canadians are planning on buying a vehicle, be it new or used, in the next two years.
While that’s up from last year, it’s still down from pre-pandemic levels, according to results of a new survey from Canadian Black Book.
The survey, carried out by Ipsos, found that 46 per cent of Canadians plan to buy a vehicle in the next 24 months — 44 per cent said the same one year ago but 52 per cent had the same intentions before the pandemic.
Prices of new and used vehicles have spiked since the pandemic started. Shortages for new vehicles pushed buyers to used dealers. More than a third (35 per cent) of those surveyed said the vehicle’s purchase price is the most important consideration when buying.
And due to rising fuel costs and changed driving habits because of the COVID-19 pandemic, nearly four in ten (37 per cent) said they are likely to buy a smaller, more fuel-efficient vehicle.
Light truck sales made up 81.2 per cent of total new light vehicle sales in 2021. It was the first time the segment broke through the 80 per cent barrier.
“For years now, Canadians have been falling in love with pick-ups and SUVs,” said James Hancock, director of OEM strategy and analytics with Canadian Black Book. “With that said, we know that historically, when fuel prices rise, so does the trend towards smaller and more fuel-efficient models. These statistics suggest that history may repeat, but now there are many EV options to consider as well.”
When asked if they would buy new or used, about one in five (19%) of car buyers reported that they will go with a used vehicle. Nearly a quarter (24 per cent) of those in Saskatchewan and Manitoba are leaning towards used, along with 22 per cent in Quebec.