Dec 13, 2024
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When it comes to buying their next car, economic pressures are weighing on Canadians more than ever. That means prioritizing affordability and reliability over luxury, according to AutoTrader.
"Each year, AutoTrader analyzes millions of data points to uncover the evolving story of Canadian vehicle shopping behaviors," Ian MacDonald, AutoTrader’s CMO said in a statement.
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"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."
At the same time that vehicle inventory on the AutoTrader marketplace reached record highs in 2024, luxury brands saw their lowest representation in both searches and sales since 2019.
The vehicle models that are enticing drivers the most
AutoTrader's marketplace data reveals that SUVs continue to remain highly popular with car buyers, accounting for 40% of all vehicle searches in 2024, up two per cent from the previous year. Leading SUV models made up half of the top sold list for 2024. This surge in popularity aligns with a significant 43% year-over-year increase in SUV inventory.
While consumer interest in SUVs continues to rise, sedans still maintain a strong presence in the market. Despite a slight 2% dip in search share, cars account for nearly half (49%) of all vehicle searches on AutoTrader.
Nationally, consumer interest in trucks has remained stable, with the category accounting for 10% of all vehicle searches in 2024, virtually unchanged from the previous year. However, in 2024 trucks made up only 20% of the top sold list, down from 40% in 2023. Despite this, truck inventory across the country increased 13% year-over-year.
Electric vehicles (EVs) continued to capture the attention of car shoppers in 2024, but widespread adoption remains elusive. Search interest in EVs on AutoTrader grew 9% in 2024, yet accounted for just 8% of total search volume on the site. While this interest was consistent across all regions, purchase consideration for EVs declined for the second consecutive year.
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Nationally, Tesla, Ford and Audi continue to lead the pack in EV searches, reflecting ongoing consumer interest in these brands.
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Canadian auto trends still prioritize prices
The research AutoTrader conducted in August 2024 reveals that Canadians' intent to purchase has remained stable over the previous year, with 27% of consumers planning to buy a vehicle in the next six months, up slightly from 26% in 2023.
Price is still a key consideration for most buyers. According to AutoTrader's data, 84% say that "high vehicle prices" influence their purchase decisions.
Despite these challenges, Canadians are staying active in both the new and used car markets. Cross-shopping is common, with nearly half of used car buyers (47%) considering new vehicles, and 36% of new car buyers exploring used options. This shows that while pricing and economic conditions are top of mind, many Canadians continue to search for what they believe is the right vehicle for their wants and needs.
Survey Methodology
The data came from AutoTrader’s site analytics using Canadian search and sold by proxy delist data from Jan. 1 to Oct. 21. Year-over-year analysis was based on data from January 2022 to October 2024.
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Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.
Managing Money • Mar 06
