Aside from the updated luxury look and more space, what’s with the spike in this recent buying trend?
Canadians are buying SUVs faster than manufacturers are making them. These types of vehicles, including hatchbacks and crossovers, are the most popular type of vehicle being sold today. They’re the “Vogue” of the automotive industry, and even major police forces are opting for them instead of traditional cars. Aside from the updated luxury look and more space, what’s with the spike in this recent buying trend? Here are 3 reasons why SUV sales in Canada are leading at a record high:
1) Low Interest Rates
The rise of SUV popularity has prompted the automotive industry to offer a lot more incentives and deals for consumers. Low interest rates on new SUVs have encouraged Canadians to buy, and the lower fuel costs in Canada have made owning these cars more practical, as less is spent on filling up and more is spent on the initial purchase. A recent study published shows that when the cost of gas goes down, more consumers shift to buying larger vehicles. The combination of this with low interest rates means that more people can afford to factor an SUV into their budget.
From busy families to single adults, Canadians are in love with SUVs for the practical features that they offer. They fit the personalities of baby boomers and millennials: a higher and smoother ride, enough space in the vehicle while still maintaining a compact image, new technology like backup cameras and automatic emergency braking systems, and the appeal of towing capacity for those who want it. These are just a few of the reasons why SUVs are better equipped to meet our changing Canadian needs.
3) Redesigned Models
The acronym “SUV” is used to describe any model of vehicle that has all-wheel drive and raised ground clearance. However, an SUV today comes equipped with features that expand way beyond its original definition. Before, people associated the term “SUV” with poor gas mileage and a size that was unnecessarily large. However, automakers have completely redesigned its entire concept, turning it into an efficient vehicle that demonstrates high quality performance and looks like luxury.
Canadian’s are waving goodbye to the classic family minivan. Crammed with the latest technology, new SUV models offer a compelling option for consumers with all types of incomes. No longer reserved for adventure seekers, SUVs are becoming more attractive to people who are looking for comfort at the wheel, features that allow safer and smoother maneuvering through Canada’s intense seasonal changes, and higher seats for a clearer view of the road ahead. The next time you’re out for a drive, look around and see how many SUVs are on the road compared to traditional cars – you may be tempted to hop on the bandwagon of this car buying trend.