Canadians are spending less on new cars

Who doesn’t love a new car? Apparently, we still do it’s just that we are being a little tight with the purse strings.

According to a new report the average amount spent on new motor vehicles sold in Canada fell in 2007, which was the first drop since 2001.

Specifically, Statistics Canada says drivers spent an average $31,723 for each new motor vehicle in 2007, down two percent from $32,386 in 2006 - a reflection of both changing tastes and prices.

Furthermore, the report found the traditional Big Three automakers no longer controlled a majority of the market for North American-built passenger cars in 2007, as their Canadian market share fell to 49.1 percent.

We’re at a point in time where gas will cost you a fortune, the economy is in a state of flux and sub-compacts are becoming increasingly more popular for a variety of reasons. What else can we expect but to be a little more cautious with how we spend our hard earned cash!

[Source: Canadian Press]