A recent update from AutoTrader reveals economic pressures could be weighing on Canadian consumers in terms of the type of vehicle they are shopping for, as many are veering towards options that prioritize affordability, reliability, and utility over luxury and aspiration.
In a news release, the company said the information is based on its year-end Top Searched and Top Sold data. It also noted that, while vehicle inventory on its marketplace reached record highs in 2024, luxury brands were at their lowest representation in both searches and sales since 2019. The data highlights that consumer interest has shifted towards practical, mainstream models.
“Each year, AutoTrader analyzes millions of data points to uncover the evolving story of Canadian vehicle shopping behaviours,” said Ian MacDonald, Chief Marketing Officer at AutoTrader, in a statement. “This year, the data clearly points to a shift away from luxury vehicles across most of the country, underscoring the reality that many Canadian consumers are watchfully navigating a challenging economic landscape.”
The Ford F-150, Toyota RAV4, and Honda Civic continue to be among the Top Searched and Top Sold vehicles in 2024. There are no luxury nameplates on the Top Sold list for the second consecutive year. And mainstream vehicles such as the Toyota Corolla, Ford Escape, Hyundai Elantra, and Hyundai Tucson, all recently made their way onto the Top Sold list.
Data also shows that 40 per cent of vehicle searches in Canada are SUVs, while 49% are cars. Searches for electric vehicles are up 9 per cent year-over-year in 2024 — equivalent to 8 per cent of all vehicle searches. There is also a rising interest in hybrids.
