Despite economic uncertainties and record-high vehicle prices, recent data show optimistic consumer sentiment when shopping for a new vehicle.
AutoTrader recently released insights into Canadian vehicle shopper preferences for 2023. The Top Searched Vehicles list on AutoTrader for 2023 showed strong inclination toward luxury sedans and sports cars, making up 60% of the list.
Notably, the Porsche 911 jumped to the second spot nationally for the first time, up from sixth last year and pushing the Honda Civic to the third position.
The Ford F-150 retained its title as Canada’s most sought-after vehicle, marking its ninth appearance at the top of this list. Additionally, the Dodge Ram 1500 made a comeback into the Top 10, becoming the second truck to do so since 2019.
But when it comes to the top selling vehicles of 2023, the preferences lean towards more practical choices. According to AutoTrader, 90% of the top 10 vehicles sold in Canada are functional utility vehicles, such as trucks and SUVs, with no luxury brands making the list.
This contrast between the most searched and most sold vehicles suggests that while Canadians may aspire to own luxury vehicles, economic factors are leading them to opt for more practical purchases.
The divergence between desired and actual purchases points to a year where financial considerations are paramount, yet interest in high-end vehicles remains strong.
“This year, we see vehicle buyers searching aspirationally, but ultimately opting for more practical purchases, which could suggest Canadians are maintaining an optimistic outlook, but prioritizing reliability and utility in a turbulent year,” said Ian MacDonald, chief marketing officer at AutoTrader.