High fuel costs have yet to influence car-buying behaviour, but that could change if prices remain above $2/litre beyond the summer-vacation driving season.
“It’s going to take sustained high gas prices for people to start altering their purchase habits and also altering what they intend to do with the vehicle,” said Robert Karwel, senior manager, Automotive Practice Canada at J.D. Power.
Add sustained high inflation and another jump in interest rates, and “something’s got to give at some point,” Karwel said.