There’s a trend emerging in our automotive buying habits.
The monthly report on the volume of new vehicles leaving dealer lots for May has just been released and it has some positive signs for the industry as well as consumer sentiment.
First of all, May marks the third consecutive month Saskatchewan motor dealers have seen unit sales exceed the same month a year earlier. These comparisons usually look at year-to-year rather than monthly because this industry can be very seasonal. So, comparing May of this year to May a year earlier offers a better insight into market trends.
Compared to a year earlier, the number of new vehicles – and this is new rather than new and used – purchased from Saskatchewan dealers in May was running about 15 per cent higher than last year. That comes on the heels of a 30 per cent increase in April and 25 per cent in March.
This trend also shows a high degree of confidence among consumers. Major purchases, such as vehicles, are a sign buyers believe their mid- to long-term economic outlook is positive.
