Despite an uncertain economic context, sales of new vehicles in Canada are on the rise in 2024. As reported by the Canadian branch of the Automotive News site, according to DesRosiers Automotive Consultants (DAC), cumulative sales for the first 11 months of the year reach 1.72 million units, surpassing the 1.705 million sold in 2023.
Analysts’ forecasts are confirmed: AutoForecast Solutions expects 1.89 million vehicles sold by the end of the year, while Scotiabank forecasts around 1.78 million units. Economist John Fanjoy even believes that this figure could be exceeded.
Back to pre-pandemic levels?
November sales, estimated at 156,000 vehicles, mark the best result for this month since 2017. At the time, the market reached a record 2.04 million units sold for the year.
As the supply chain has stabilized, dealers benefit from greater stock. According to JD Power Canada, the average time to sell a new vehicle increased from 37 days in November 2023 to 45 days this year. Full-size pickup trucks, for example, now take 69 days to find a buyer.
Prices stagnate despite more economical choices
The average price of monthly payments, including financing and leasing, is $847 in November, or $870 for financing and $797 for leases. Despite a slight decline compared to 2023, Robert Karwel of JD Power highlights that consumers are now buying less expensive vehicles to reduce their financial burden:
“Financial indicators are slowly deteriorating, such as trade-in value and loan-to-value ratios, which is keeping payments high. »
Brand performance: Honda shines, Toyota declines
Honda leads the brands making progress in November:
• Total sales: +24% with 12,332 vehicles sold.
• The Passport SUV jumped 74% (216 units) and the Odyssey grew 45% (376 units).
Hyundai and Genesis growing:
• Hyundai: +21.8% to 11,521 vehicles.
• Genesis: +16.9% to 633 vehicles.
Toyota in difficulty:
• Total sales: -7.9% to 19,069 vehicles.
• The Corolla fell 31% and the Camry 51%.
• However, the Sienna minivan exploded by 98% (1174 units), and the RAV4 grew by 3%.
The final word
Despite ongoing challenges, sales in the Canadian auto market are surpassing those in 2023, although pre-pandemic record levels remain out of reach. The stabilization of supply chains and sustained demand for specific models, notably from Honda and Hyundai, are giving momentum to this sector.
Original content from auto123.
