Canadians put car buying intentions into neutral this spring - RBC poll

Canadians put car buying intentions into neutral this spring - RBC poll 
Affordability is important to both genders; women focus on the test drive and 
best price in their car buying decisions 
TORONTO, April 17, 2013 /CNW/ - Four-in-10 Canadians (39 per cent) are likely 
to buy a car in the next two years, according to an RBC Auto Poll. The survey 
suggests that Canadians are evenly split when considering how a new car 
purchase would affect their finances, with exactly half saying they are 
confident that they would not go into debt with a new vehicle. The other half 
expressed doubt or did not know the impact buying a new vehicle would have on 
their personal finances. 
"The poll shows that car purchasing and leasing intentions have stalled this 
year, as Canadians think prudently about how it may affect their personal 
financial situation," said Richard Goyder, vice-president of Personal Lending, 
RBC. "Whether it's to get to work or to meet the needs of a growing family, 
the reality is that many Canadians need a vehicle. The majority also get help 
from their bank, whether at the branch before purchase or while at the 
dealership when they're ready to buy." 
Once Canadians are ready to buy a car, the survey found that almost six-in-10 
(57 per cent) plan to finance all or a portion of their next vehicle purchase 
or lease, with 59 per cent of those planning to finance doing so with help of 
their financial institution. 
Canadians budget before buying a car, seek multiple sources of advice
When asked about financing their vehicle, more than half of Canadians (52 per 
cent) surveyed consider their budget to ensure they can afford it. The 
interest rate on a loan (20 per cent) and the monthly payment (16 per cent) 
were the next most important factors. The majority of Canadians who own or 
intend to purchase a car (62 per cent) say paying off a loan quickly is more 
important than low monthly payments (36 per cent) when buying a car. Half of 
Canadians (51 per cent) get car-buying advice from family and friends, 
followed by car dealers (46 per cent). News media (31 per cent) and online 
forums (26 per cent) are also popular sources. 
Women focus on overall costs of a car
While men and women are about equally likely to buy a car in the next two 
years (42 and 38 per cent, respectively), there are some differences in how 
they may approach this major decision: 
 ______________________________________________________
|Influencing factor|Women      |Men        |National   |
|__________________|___________|___________|___________|
|Affordability     |89 per cent|80 per cent|85 per cent|
|__________________|___________|___________|___________|
|Best price after  |80 per cent|72 per cent|76 per cent|
|comparison        |           |           |           |
|shopping          |           |           |           |
|__________________|___________|___________|___________|
|The test drive    |67 per cent|52 per cent|60 per cent|
|__________________|___________|___________|___________|
|Car-related costs |66 per cent|54 per cent|60 per cent|
|__________________|___________|___________|___________|
|Positive consumer |62 per cent|52 per cent|57 per cent|
|reports           |           |           |           |
|__________________|___________|___________|___________| 
"A car is a major purchase that requires research and advice. It's an entirely 
personal choice, and it's important to know if you can afford your car beyond 
the monthly car payment. Use online calculators, talk to your banker, and 
consider other factors in your overall financial picture," said Goyder. 
About the 2013 RBC Auto Poll
The 2013 RBC Auto Poll was conducted by Ipsos Reid between March 6 and 12, 
2013. The online survey is based on a randomly selected representative sample 
of 1,559 adult Canadians. The results are considered accurate to within ±2.8 
percentage points, 19 times out of 20. 
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under 
the master brand name RBC. We are Canada's largest bank as measured by assets 
and market capitalization, and are among the largest banks in the world, based 
on market capitalization. We are one of North America's leading diversified 
financial services companies, and provide personal and commercial banking, 
wealth management services, insurance, and investor services and wholesale 
banking on a global basis. We employ approximately 80,000 full- and part-time 
employees who serve more than 15 million personal, business, public sector and 
institutional clients through offices in Canada, the U.S. and 49 other 
countries. For more information, please visit rbc.com. 
RBC supports a broad range of community initiatives through donations, 
sponsorships and employee volunteer activities. In 2012, we contributed more 
than $95 million to causes worldwide, including donations and community 
investments of more than $64 million and $31 million in sponsorships. 
Matt Gierasimczuk,matthew.gierasimczuk@rbc.com, 416 974-2124 Ka Yan 
Ng,kayan.ng@rbc.com, 416 974-1794 
Image with caption: "RBC Road Map to Buying a Car (CNW Group/RBC)". Image 
available at:  
http://photos.newswire.ca/images/download/20130417_C5858_PHOTO_EN_25592.jpg 
SOURCE: RBC 
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CO: RBC Royal Bank
ST: Ontario
NI: FIN ECOSURV  
-0- Apr/17/2013 11:00 GMT
 
 
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