Car Purchasing Process - Canada - May 2017
- June 2017
- Automotive Aftermarket
- 0 pages
While the test drive remains key in the car buying process, many are turning to online research and resources to compare things such as pricing, dealership incentives and gas mileage. Consumers are also going online to peruse professional vehicle reviews, dealership reviews and to view owners’ experiences.
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Table of Content
What you need to know
Women are more likely to cite expensive repairs
Figure 1: Reasons for vehicle purchase intent, men vs women, February 2017
Online reviews can influence choice, especially among younger consumers
Figure 2: Online-related attitudes towards the car purchasing process (any agree), February 2017
Dealerships can be intimidating
SUVs and sedans top the list
Figure 3: Top five types of vehicles considered, February 2017
Men are more likely to buy a new vehicle while more women are unsure
Figure 4: Kind of purchase, by gender, February 2017
Most consumers are performing research to get a deal
Figure 5: Research-related attitudes towards the car purchasing process, any agree, February 2017
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Demographic shifts are a positive for auto sales
Low interest rates make it easier to purchase a new vehicle
Gas prices may have some reconsidering type of vehicle
Increasing living costs will affect discretionary spending
Demographic shifts in Canada likely to bode well for auto sales
Figure 6: Projected trends in the age structure of the Canada population, 2014-19
Figure 7: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
Low interest rates continue to make it easy to buy a new vehicle
Gasoline prices may cause a rethink on vehicle type
Rising living costs will affect discretionary spending
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