Buyers importing more U.S. cars into Canada
A record number of Canadians are looking to their American neighbours for their next new or used car, a trend that will grow with the strength of the loonie, said the North American Automobile Trade Association.
Last year, 112,826 American cars were imported into Canada, said Brian Osler, association president.
That’s a 55 per cent increase from 2005 and almost three times the number that were brought in five years ago, when the Canadian dollar was at a record low.
The dollar, which reached a 30-year high earlier this week, was sitting at 95.37 cents US at Friday’s close.
As the loonie continues to rise, so will Canadian’s demand for cheap American cars, Osler said. And more and more consumers are realizing the thousands of dollars they could save by buying American, he said.
“There is one beneficiary and one beneficiary only; it’s consumers,” Osler said.
Five years ago, Andrew Pilsworth, owner of A & T Wholesale and Leasing on Eastchester Avenue, was seeing Americans flock to buy Canadian cars as the loonie hovered just above 60 cents US.
Now the tables have turned, and he has Canadians asking how they can get their luxury dream car for a less-than- extravagant price….
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