The survey reveals that for 44 percent of Canadians, the purchase price is the most crucial consideration when buying a vehicle, outweighing brand preference. Additionally, 40 percent of Canadians plan to buy used cars due to the price hikes, with almost half of the youngest car buyers inclined towards used vehicles.

Interestingly, while a little over a quarter of Canadians are looking to buy a new car in the next 12 months, a significant number (47 percent) are unlikely to do so due to the perceived high cost. Furthermore, 59 percent of respondents stated that increased prices would delay their vehicle purchase, with families with children being the group most likely to postpone buying a car.

The survey findings underscore the significant impact of inflation on the auto industry in Canada, prompting consumers to take note of the unprecedented price increases. It will be interesting to observe how these trends shape the future of car buying and the strategies adopted by industry players to cater to the changing preferences and concerns of Canadian consumers.