Phones Canada is excited to share the latest insights from Turo’s 2024 Car Ownership Index, shedding light on Canadian habits related to car ownership and usage. In collaboration with Leger, Turo’s annual report uncovers intriguing statistics, particularly focusing on millennials as the core demographic.

Key findings from the report include:

– A shift in car ownership trends among young millennials, with 56% indicating they are less likely to buy or lease a vehicle this year due to inflation rates.
– Despite this, 40% of Canadians express interest in owning or leasing a vehicle in the future, with 55% of those aged 25-34 sharing the same sentiment.
– The estimated annual cost of car ownership for Canadians is $5,025, slightly higher for young millennials at $6,176.
– Ontario leads in car ownership costs at $5,384 annually, while Atlantic Canada residents allocate 16% of their income towards car-related expenses.
– In terms of electric vehicles (EVs), 53% of surveyed Canadians plan to purchase a hybrid or EV next time they buy a car. However, 81% have never driven an EV before, citing purchasing costs as a barrier for adoption.
– Interestingly, 40% of Canadians interested in EVs aim to save on gas expenses by making the switch.

Moreover, Turo’s report highlights that despite owning or leasing a vehicle, 85% of Canadians find their cars idle for 95% of the year. Additionally, as travel plans resume in 2024, 56% of Canadians intend to take vacations, with 40% opting for driving as their mode of transportation.

These insights offer valuable perspectives on evolving consumer preferences and behaviors related to car ownership and usage in Canada. Stay tuned for more updates on telecommunications trends and news from Phones Canada!