pNearly two-thirds of Canadians under 35-years-old see vehicle ownership as “less financially achievable” today than it was for their parents’ generation, according to a new study of car-buying patterns in the current economic environment. /p
Nearly two-thirds of Canadians under 35-years-old see vehicle ownership as “less financially achievable” today than it was for their parents’ generation, according to a new study of car-buying patterns in the current economic environment.
Results were similar for older generations, with 63 per cent of those aged 35-54 seeing car ownership as less achievable and 53 per cent of those over 55 saying the same. Stephen Beatty, corporate vice-president of Toyota Canada, said the results show consumers must consider factors beyond the upfront sticker price such as maintenance costs and resale value when shopping for a new vehicle.
Concerns about vehicle affordability have come into focus over the past year amid higher interest rates and choppier economic conditions. Along with finding vehicle ownership less achievable, the Toyota survey found 66 per cent of Canadians have or would change their approach to buying a vehicle given the current economic climate.
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