In their pursuit of being able to continuously optimize customer experience, autoTRADER.ca, an online automotive marketplace for buying and selling vehicles in Canada, contracted Dig Insights’ to help uncover car buying trends, behaviours, and preferences among Canadians.
In addition, autoTRADER.ca also wanted to better understand the roles different online and offline platforms play at different points in a buyer’s vehicle purchase journey.
Dig Insights collected answers from over 2,000 Canadians aged 17-74 through an online survey that was conducted from January 8th to 15th of this year. Respondents include those who have purchased a used or new vehicle in the past 6 months, are the primary/shared owner of the vehicle, and were directly involved in the decision-making process leading up to the purchase.
We applied interlocking quotas to ensure a representative sample by age, gender, and region.
Explore some key findings and insights that we’ve uncovered from this project:
New Car Buyers vs. Used Car Buyers
- New car buyers are 6x more likely to spend $40K+ on a vehicle.
2. In comparison to new car buyers, used car buyers are 39% more likely to purchase a sedan, and 34% less likely to buy a SUV.
3. More than 67% of used car owners pay for their vehicle in cash while 50% of new car buyers prefer to finance their car.
Millennial Car Buying Trends & Behaviour
4. Millennials’ proficiency in using digital resources to research and gather information help double their confidence throughout the car buying process, even if they start out the least confident at the beginning.
5. Millennials rely more on online resources throughout their vehicle purchase journey than any other generation.
6. Canadians consider getting a good price on a car as their highest barrier to purchase.
7. Majority of Canadians buy a new car for an upgrade, but millennials are twice as likely to do so because of life’s milestones.