DesRosiers Examines Vehicle Age Trends
DesRosiers Automotive Consultants released a report Thursday morning detailing statistics on Canadian light-vehicle registrations.
While the number on late-model vehicles on Canadian roads has slid modestly in recent years, the crop of cars in the eight- to 12-year-old class has surged dramatically, as Canada's car fleet has become increasingly older and more populated.
The firm found that between 2007 and 2011, overall vehicle registrations climbed nearly 10 percent, hitting 22.2 million last year. That number is likely to climb another 1.9 percent this year and continue growing for years to come, DesRosiers projected.
The increase in the population of eight- to 12-year-old units has been even more dramatic, climbing 23 percent since 2007. Last year, there were more than 6 million vehicles in this age bracket registered in Canada.
What's more, this age group is taking up a more sizeable chunk of the overall vehicle market.
"Due to the lower scrappage rates and the improved durability of newer vehicles, the average age of a light vehicle in Canada has increased by 0.31 years since 2007," the firm explained.
"Furthermore, the proportion of vehicles between eight to 12 years old relative to the total vehicle fleet has increased by 3.1 percentage points (or 11.9 percent) since 2007," it added. "This trend is expected to continue in the near future and will stand to benefit businesses that sell or service older vehicles."
Meanwhile, the data provided by DesRosiers indicated that there were just over 4 million units in the one- to three-year-old age bracket in 2007, but that number dropped slightly to right at 4 million for 2011.
The number of four- to five-year-old units increased to more than 3 million units, and the population of six- to seven-year-old units jumped to about 3 million.
There are also more vehicles that are older than 12 years as that population continues to exceed 5 million units.
By Auto Remarketing Editor Joe Overby