The COVID-19 pandemic is also a factor at play for some of them. According to CarGurus, 19 per cent of those planning to buy more vehicles said they plan to because they are driving more during the pandemic. Meanwhile, 20 per cent said they plan to use ride-hailing less, and 15 per cent said they would use public transportation less.
The CarGurus findings on reduced ride-hailing and transit use echo results in a recent report by Canadian Black Book, which commissioned the market research company Ipsos to survey 1,000 Canadian vehicle owners or prospective buyers in January.
The Black Book survey found that eight per cent of Canadians said they relied on ride-sharing services instead of owning a vehicle, down from 11 per cent in its 2020 survey. Seventeen per cent said they relied on public transportation to get around, though 45 per cent said they would be less likely to use public transit in 2021.
“Those people, if they still need to go around, have increased their likelihood of buying a vehicle for the time being,” said David Robins, principal automotive analyst at Canadian Black Book.
A PANDEMIC PAUSE
While the CarGurus study found that buyers are likely to maintain or add to the number of vehicles they own in the coming decade, the Black Book poll indicates that many drivers might not do so in the short term. When asked whether they intend to purchase a new vehicle in the next two years, 44 per cent of respondents said they were likely to do so, down from 52 per cent in 2020.
“Due to the pandemic, people have been driving less,” Robins said. “And as a result of them driving less, they have mostly extended their purchases that they would be making for vehicles out a year.”