News & Resources

Record Car Sales Expected Again in Canada for 2014

Feb. 4, 2014
1 mins
Senior couple in car dressed in fashionable, modern winter gear

New auto sales will reach 1.76 million in 2014, topping a record-setting 1.74 million vehicles sold last year in Canada.

The latest Scotiabank Global Auto Report also shows that Western Canada led the way in terms of gains even though every region posted higher sales in 2013.

Carlos Gomes, Scotiabank's Senior Economist and Auto Industry Specialist says: "New vehicle affordability in Canada is at the best level in two decades, partly linked to manufacturer incentives, and consumer confidence is expected to strengthen as the pace of job creation picks up."

Analysts point out that redesigned vehicles with greater amenities, better fuel efficiency and technological advances will continue to appeal to prospective buyers and so will the generous lending terms.

According to data from the Canadian Automotive Dealers Association, 90% of new car buyers finance their purchases. Additionally, J.D. Power finds that 58% of car buyers are choosing terms of six years or more instead of opting for the three or four year loan periods that used to be a standard practice a few years ago.

Cliff Boodoosingh


Latest life insurance articles

Do you need life insurance? A primer for Canadians
Life insurance isn’t a one-size-fits all solution. But if you have dependents, it can be an important financial safety net for those you love.
Learn More
7 mins read
Why life insurance should be part of estate planning for new parents
Life insurance is one of the best ways new parents can protect their family and help loved ones in the event of your unexpected death.
Learn More
5 mins read
10 Myths About Life Insurance Busted – Some May Surprise You
You may be young with no kids and no mortgage. Life insurance is for someone older, who has dependents right? Wrong. Let’s debunk life insurance myths and learn why everyone needs some form of coverage.
Learn More
6 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.