Description: Both Canada and the United States saw record auto sales in 2015. A number of factors appear to have contributed to the big year, including low petroleum prices and low interest rates. Pent-up demand is another likely influence, a factor which may continue to play a role as Canadians are driving a record 10 million vehicles that are at least ten years old.
Date: January 5, 2016
1) Do you know anyone who purchased a new car this year? If so, did any of the factors mentioned in the article influence their decision?
2) Why do you think so many Canadians are driving vehicles 10 years or more old?
3) Do you think the fact that so many are driving vehicles that are so old should cause accountants to reconsider lengthening the depreciation rates on vehicles?