PEI

Islanders buying fewer vehicles, but spending more on them

The number of new vehicles purchased by Prince Edward Islanders is down in the first half of 2017, but they have spent more money on them.

More expensive trucks purchased on P.E.I.

Trucks drove an increase in vehicle sale value in 2017. (Gene J. Puskar/Associated Press)

The number of new vehicles purchased by Prince Edward Islanders is down in the first half of 2017, but they have spent more money on them.

Purchases of new vehicles is down 3.4 per cent this year, over the first six months of 2016, but the money spent is up 1.6 per cent, according to a report this week from Statistics Canada.

The increased price is driven by truck purchases. Passenger car purchases were down about 10 per cent in both volume and cost. While about the same number of trucks were bought, Islanders spend 6.6 per cent more them.

This follows a strong year for truck sales in 2016.

Islanders are still spending less on vehicles than the national average. In the first half of 2017 the average new vehicle on P.E.I. cost $33,460, while the national average was $39,653.

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