People living in large urban centres keep their vehicles much longer Clearfacts.ca – CROP* survey: The reflection of Quebecers’ financial position

Montreal, 26 April 2011 - 

The latest findings of the Clearfacts.ca* survey conducted by the polling firm CROP on buying a vehicle and the associated costs show that in the Greater Montreal Area, the greatest number of respondents (33%) declare keeping their vehicles for at least five years, while inversely only 15% of respondents living in the Mauricie region state the same.

 

Region

Montreal

Quebec City

Mauricie

Saguenay

Eastern Townships

Outaouais

Elsewhere in Quebec

5 years

33%

28%

15%

22%

18%

19%

22%

 

 


In Quebec, families who have children have more vehicles than other people (60% of families have two vehicles or more vs. 29% among other Quebecers), but they keep them for an average of almost 7 years, which is the same as the average among the general population of Quebec.

They also use their vehicle more often to commute to work (76% of families commute to work by car vs. 70% among the general population of Quebec). As a result, they use public transit less often (17% vs. 21% in the general population) to commute to work.

This frequent usage of their vehicles necessitates regular expenses. On average, families spend $135 per month on gasoline and $635 per year on maintenance expenses for each vehicle.

While people living in the Eastern Townships on average spend the most on fuel with $154 a month, respondents from  the Mauricie, Saguenay and Outaouais regions declare spending on average $129 for fuel in a month.

 

Region

Greater Montreal

Quebec City

Mauricie

Saguenay

Eastern Townships

Outaouais

Elsewhere in Quebec

Average monthly fuel expense

$131

$140

$129

$129

$154

$129

$138

 

 

 


In Quebec when purchasing a vehicle, the majority (55%) of single parent families make “the amount of the monthly payment” a priority instead of “the total price of the vehicle” (vs. 50% among dual parent families and 44% among Quebecers in general). In fact, for these families who often live in an uneasy financial situation and who use their vehicle as their main method of transportation, the total cost of the vehicle becomes a secondary consideration.

“For many single parent families, the purchase of a car is not based on its total price, but on the ability to manage the monthly payments within the framework of an already tight budget,” stated CROP President Alain Giguère.

To find out more about Quebecers' on buying a vehicle and the associated costs, view the Clearfacts.ca/CROP poll at www.clearfacts.ca.

*Methodology: Data were collected online from December 3 to 23, 2010 by web panels. In all, 1,814 questionnaires were completed. The results were weighted to reflect the distribution of Quebec's adult population by sex, age, region, language (in the Montreal area) and household size. Given the non-probability online sampling, the margin of error calculation does not apply.

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About National Bank of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world.  National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has over $152 billion in assets and, together with its subsidiaries, employs 18,407 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca. To access National Bank Financial Group’s financial education portal, visit www.clearfacts.ca.

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National Bank Financial Group
Tel.: 514-394-6500