Ontarians most likely to buy: survey

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According to new research, the percentage of Canadians who intend to purchase a car or truck in the next two years is higher than those surveyed a year ago. Ontarians are most likely to buy, while residents of Saskatchewan/Manitoba (combined) and Quebec are the least likely to purchase an automobile over the next 24 months.

The survey, designed by Canadian Black Book and conducted nationally by Ipsos to gauge national car buying habits, knowledge and trends, found that 62 per cent of Canadians surveyed are likely to purchase a car or truck over the next two years — an eleven point jump from 51 per cent of respondents surveyed in 2016.

“Although the intention to purchase numbers are encouraging for the industry and economy, concerns do exist regarding an apparent consumer knowledge gap about buying and vehicle ownership in general,” said Brian Murphy, VP Editorial and Research, Canadian Black Book, in a news release.  “The vast majority of Canadians do not realize what expense is costing them the most when it comes to owning a vehicle – depreciation.”

The survey findings, released April 4, showed that only two per cent of respondents knew the significant role depreciation plays in the overall cost of a vehicle, up one point from 2016.

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