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Steady Markets: AutoTrader predicts stable vehicle purchases despite changing economic outlooks for Q3, 2022

Toronto, Ontario — AutoTrader has released its latest “vehicle purchase intentions” study with one particularly surprising result—24 percent of Canadians polled expect to buy a vehicle in the third quarter of 2022, 6 percent higher than the 18 percent who expected to buy a vehicle in the third quarter of 2021.

According to the study, only 10 percent of Canadians felt that their financial situation would worsen in the next six months, while the rest felt it would remain stable or improve.

Subsequently, intentions to purchase a vehicle increased by a third if the financial situation improved. An economic decline would result in intentions declining at a similar rate.

However, a changing economic state did not sway most customers’ intent on buying a new or used vehicle, or their car shopping budget. The percentage of customers who did consider budgets remained steady across all possible scenarios.

While there is still uncertainty when it comes to the market and intentions will change, even in difficult times, consumers still want and need to buy cars.

AutoTrader advises dealers to continue replenishing their stock, marketing and promoting—this is a time where purchase intent remains steady.

 

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