Canadians Buy Used Cars - On Track for Record Sales

Scotia banks latest auto report suggests that Canadian’s are on record pace to buy new and used cars. The big bank is saying vehicle sales in Canada will be at the second highest level it’s ever been and just under the 2000 record setting year. The report also shows Canadian households buy used cars and new vehicles more so than the rest of the world. Over all global sales were fall year after year in August. The report shows an excellent year for Canada.

The report also shows more Americans buy used cars than new ones. Instead of buying a new vehicle Americans are replacing there old vehicles with used automobiles such as compact cars and light trucks. Scotia banks report did point out thou that fleet sales from corporations, government and rental companies are replacing there old fleets with new ones and this lead to a overall 30% increase of this market place.

The Bank of Scotia report also points out that Canadians purchase more new vehicles and this will have the 2010 light trucks and cars at a total of 4.4 million vehicles. Used cars took 2.9 million units sold and new trucks and cars were 1.57 million. This is up from the 2007 levels at 4.3 million cars and trucks.

Bank of Scotia economist Carlos Gomes was quoted as saying that the record sales of new vehicles show how strong the Canadian job market is and also the great incentives to buy new automobiles. The report also showed that Canadians are back to buying suv’s(gas guzzlers), large cars and crossovers because of the amazing incentives out there
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Canadian’s will need to replace their old vehicles, there are 8.5 million vehicles that are 9 years or older. So more Canadians will buy used cars or new ones in 2011.