Inflation is having an impact on car ownership in Canada according to the second annual Car Ownership Index from Turo and Leger.
The 2023 survey found 39 percent of Canadians are less likely to buy or lease a vehicle this year due to inflation and the high cost of living.
The expense of owning a car averaged $4,810 a year across the country and it was slightly higher in Atlantic Canada.
This even as the vehicle sits idle 96 per cent of the year.
In addition to commuting to work, car owners cite convenience and the desire for freedom as top reasons for having a vehicle.
Almost a quarter of Canadians were very concerned about monthly payments and it was cited as the main reason for ending ownership.
Over one in 10 car owners surveyed are open to listing their owned vehicle on a sharing marketplace.
When confirming their primary motivations, 35 per cent cited additional income and 28 per cent noted offsetting the cost of car ownership or leasing.
The survey was conducted by Leger for Turo from January 9-18, 2023, consisting of a representative sample of 1,500 Canadians 25 years of age or older.
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