Source: AutoTrader.ca
A new study released from AutoTrader.ca found that customer sentiment among potential vehicle buyers in Canada remains consistent, with one in two consumers considering now to be a good time to make a major purchase.
The trend has held steady since the second quarter of 2024, according to AutoTrader.ca. They released the findings of their Vehicle Purchase Intentions study in April and noted that the stability around consumer buying sentiment suggests a resilient mindset, despite the current tariff situation.
“Confidence in the current economy and personal finances has remained steady since the close of last year,” said AutoTrader.ca in its update. “Looking six months ahead, sentiment indicates a cautious shift in economic optimism and a slight dip in personal financial outlook, suggesting concerns regarding the state of the economy in light of tariff uncertainty and upcoming Canadian federal elections, among other factors.”
Source: AutoTrader.ca
With trade tensions still present, two in three potential buyers also acknowledge an impact on their vehicle buying considerations. Those that chose to delay buying a car offered common responses such as budget reductions (30%), favouring Canadian made vehicles (30%), and spending more time comparing prices (29%). High interest rates (18%), high vehicle prices (31%), and their current vehicle being in good condition (52%) were also cited as reasons to delay a purchase.
Source: AutoTrader.ca
“The growing emphasis on Canadian-made vehicles indicates a surge in economic nationalism, as consumers seek to support domestic industries amidst uncertainty in North American trade relations,” said AutoTrader.ca.
The company also said their research underlines that vehicle buying intentions in early 2025 have rebounded. “This resurgence has brought numbers back in line with levels observed in early 2024, with a pronounced uptick in new vehicle interest,” they said.
The study was fielded in mid-February.
