Canadians wasting thousands by retiring their vehicles too early

Krown surveys Canadians to find out who's throwing away the most money

TORONTO, Oct. 15, 2012 /CNW/ - Despite improved fuel economy, safety features and new styles of modern cars, according to a new Leger Marketing survey when it comes to buying a new or used vehicle Canadian drivers' top priority is the price.

Ironically though, most Canadians contradict their priorities by spending thousands of dollars replacing their vehicles long before the "best before" date, with 77% of those surveyed driving vehicles that are less than 10 years old.

The survey of 1,260 Canadian drivers across the country was commissioned by Krown Rust Control, Canada's number one rust protection company, and conducted by Leger Marketing.

"Many Canadians are robbing themselves by forcing their vehicles into early retirement," says Freeman Young, president of Krown Rust Control. "With regular maintenance and taking simple preventative steps throughout the life of a vehicle, Canadians can keep more money in their pockets and reduce their environmental impact by keeping their cars on the road and out of the junk yard for a longer period of time."

According to George Iny, director of the Automobile Protection Association, a non-profit consumer interest organization, automotive depreciation can cost a consumer an average of $2,000 a year over the life of their vehicle. The depreciation costs are two to three times that amount in the first years of ownership. Iny says that extending the life of your vehicle with regular maintenance and rust protection is the best way to maintain your vehicle's value and reduce insurance costs.

It's all about the bottom line: When purchasing a new or used vehicle, Canadians don't put their money where their mouth is, preferring newer vehicles, but choosing price as their top deciding factor. According to the survey, Canadians' top priorities when purchasing a new or used vehicle are:

  1. Price
  2. Fuel efficiency
  3. Safety
  4. Style/make
  5. Resale value
  6. Environmental impact

State of the art: If they follow their provinces' motto, "je me souviens" ("I remember"), many Quebecers have a long history of vehicles to commit to memory. According to the survey results, half of drivers surveyed in Quebec report that they drive vehicles less than five years old.

Quebec takes the lead among Canadians who drive vehicles that are less than five years old:

  1. Quebec: 50%
  2. Atlantic Canada: 48%
  3. Ontario: 41%
  4. Alberta: 38%
  5. British Columbia: 36%
  6. Manitoba/Saskatchewan: 34%

Classics from Coast-to-Coast: The residents of Manitoba/Saskatchewan get the most bang for their buck when it comes to the life of their vehicles. According to the survey results, 31% of residents drive vehicles that are 10 years of age or older, but in Quebec and Ontario only 17% of residents drive vehicles of the same age, resulting in hefty new car expenses.

The results show that most Canadians, regardless of which region they're from, are driving vehicles that are less than 10 years old:

  1. Quebec: 81%
  2. Ontario: 81%
  3. Alberta: 75%
  4. Atlantic Canada: 73%
  5. British Columbia: 69%
  6. Manitoba/Saskatchewan: 69%

The Age of Automotive Virtue: Whether you see it as an early mid-life crisis or signs of greater financial stability, Canadians aged 35-44 drive the newest vehicles.

Based on age, the Canadians who drive the newest vehicles (less than five years old) are:

  1. 35-44: 52%
  2. Over 65: 46%
  3. 55-64: 41%
  4. 45-54: 38%
  5. 18-34: 35%

He Said / She Said: In the battle of the sexes, when it comes to caring for their vehicles, survey says… men do it better! Fifty three per cent of men have their vehicles serviced by a professional a minimum of once every three months, compared with 40% of women.

Despite men's 13% advantage, both sexes have significant room for improvement. To help maintain the safety and value of vehicles, Krown suggests following the vehicle's recommended maintenance schedule.

Krown's tips to keep vehicles looking good and driving better: With rust being one of the top factors in vehicle deterioration, to help Canadians hold on to their vehicles and money, Krown recommends the following money-saving tips:

  • Protect your vehicle from rust each year. Treating your vehicle to an annual rust protection improves the resale value, decreases repair costs and extends the life of your vehicle.

  • Contrary to popular belief, don't store your vehicle in heated garages during the winter. Heat can accelerate corrosion, leaving unsightly rust marks and dangerous structural damage.

  • During the course of regular city, country and highway driving, your vehicle can be exposed to hazardous corrosive materials. Extend the life of your vehicle while keeping it looking great by washing it regularly all year long

For the full survey results, including information about Canadians' priorities when buying a new or used vehicle, their knowledge of do it yourself vehicle maintenance and average maintenance costs, please contact Jonathan MacIndoe at energi PR at jonathan.macindoe@energipr.com.

The Leger OMNIWeb Canada survey was completed on-line between August 13 and August 16, 2012 using Leger Marketing's online panel, LegerWeb, with a sample of 1,260 Canadians who own, lease or finance a vehicle. A probability sample of the same size would yield a margin of error of +/- 2.76%, 19 times out of 20.

About Krown

Established in 1986 KROWN Rust Control is 100% Canadian-owned and operated. Recognized as an industry leader, KROWN strives to deliver the highest quality of product and service through continuous innovation, unique applications and a longstanding commitment to research and development. Well known for offering consumers the most comprehensive warranty in the business and for producing the highest performing, environmentally responsible petroleum based rust preventative on the market, KROWN products will not only protect your investment by extending the life of your vehicle, but will also reduce maintenance costs and contribute to a safer car. KROWN Rust Control services retail customers and commercial fleets in more than 240 KROWN Rust Control Centres across Canada. Visit www.krown.com.

Image with caption: "Canada's smart driver report. (CNW Group/Krown)". Image available at: http://photos.newswire.ca/images/download/20121015_C6382_PHOTO_EN_19316.jpg

SOURCE: Krown

For further information:

Jonathan MacIndoe
energi PR
416-425-9143 x 24
jonathan.macindoe@energipr.com

Craig Shuttleworth
Krown
905-939-8750
craig@krown.com

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