Among AutoTrader’s Top-10 most-searched vehicles in 2023, 60 per cent of the list comprises luxury sedans and sports cars.
The Porsche 911 rose for the first time to the #2 spot nationally, up from #6 last year, moving the Honda Civic down one spot to #3.
The Ford F-150 made its ninth appearance as Canada’s most sought-after vehicle and the Dodge Ram 1500 climbed its way back into the Top 10 — the second truck to break through since 2019.
While AutoTrader’s Top Sold Vehicles of 2023 includes many commonalities with the Top Searched Vehicles, this list is decidedly more practical in nature. Ninety per cent of the Top 10 vehicles sold in Canada according to AutoTrader are functional, utility vehicles, like trucks and SUVs, with not a single luxury brand appearing.
The 2023 top-searched vehicles included:
- Ford F-150
- Porsche 911
- Honda Civic
- BMW 3 Series
- Toyota RAV 4
- Ford Mustang
- Mercedes-Benz C-Class
- Mercedes-Benz E-Class
- Chevrolet Corvette
- Dodge Ram 1500.
The 2023 top-sold vehicles included:
- Ford F-150
- Dodge Ram 1500
- Ford Escape
- Chevrolet Silverado 1500
- Honda CR-V
- GMC Sierra 1500
- Toyota RAV4
- Nissan Rogue
- Jeep Wrangler
- Honda Civic.
“Each year, AutoTrader analyzes millions of data points to piece together an underlying narrative about consumer vehicle shopping behaviours and patterns,” said Ian MacDonald, Chief Marketing Officer, AutoTrader.
“This year, we see vehicle buyers searching aspirationally, but ultimately opting for more practical purchases, which could suggest Canadians are maintaining an optimistic outlook, but prioritizing reliability and utility in a turbulent year.”
The survey also indicated that Canadians are leaning into the “bigger is better” mindset and not only searching for more trucks but buying them as well.
For the first time since 2019, two trucks were included in the Top 10 Most Searched Vehicles List, and the number of trucks that were included in most regions’ Top 10 list also grew.
The survey also revealed that throughout 2023, Canadians demonstrated resilience in their shopping behaviour, despite higher vehicle prices.
New vehicles accounted for 41 per cent of inventory, up from 30 per cent in 2022, as manufacturing levels began to return to normal, easing inventory strains.
New car buyers found more inventory. This had a slight impact on used vehicle interest and, as a result, used prices began to decline month-over-month since July. Used vehicle inventory initially declined in the first quarter of the year but grew above 2022 levels as the market continued to balance itself out to normalcy.
Following a year of heightened interest in response to record high gas prices in 2022, the 2023 data suggested EV purchase intention has declined.
In 2023, only 56 per cent of car shoppers who do not own an EV were open to purchasing one for their next vehicle, down from 68 per cent from 2022.
For Canadians who would not consider going electric, macroeconomic factors like vehicle prices (40 per cent), interest rates (24 per cent), and inflation (13 per cent) were the top reasons listed.
Only one in 10 Canadians owns an EV, and while alternate fuel type interest is 15 per cent higher than last year EV searches accounted for less than three per cent of overall searches on the marketplace.
EV inventory made a strong recovery, with the average weekly inventory increasing 146 per cent year-over-year as of November. This could be attributed to more options entering the market with the release of the new Kia EV9, Volvo EX30, Toyota Prius, Toyota Crown and BMW X5 PHEV. The EV truck segment will grow in 2024 with the launch of the Chevrolet Silverado EV and Dodge Ram EV pickup truck.
