Throughout the province of Alberta, you can hear and feel the effects of recession. The oil and gas
industry have greatly suffered because of this, especially the workers who are relying on this business sector.
The province of Alberta is largely dependent on the oil and gas industry and most of its population are working in this business. They are also the biggest consumers not only with the daily necessities but more of the bigger commodities like homes and vehicles — especially trucks.
Statistics Canada has shown that since 2014, the number of new cars sold have significantly decreased from 277,191 to 241,918 in 2015 decreasing the new auto sales by 13%. This is why a lot of car dealerships have resorted to offering bigger discounts, being lenient on credit checks and even extending the term of the payments just so that people can afford the monthly payments.
This broke the streak of new motor vehicle sales from 2011 increasing until 2014 and then the big dip in sales happened at the height of the recession in 2015. Most of the decrease came from the new truck sales which dropped from $217,299 to 190,073.
However, with the oil prices being stable this year, we should be expecting these numbers to pick up soon. After all, who can resist the new-car-smell right? Albertans have been through different
economic downturns and have adapted to each one of them. We just need to be more frugal and
tighten our belts so when hard times come, we are ready for it. Cutting down on unnecessary costs and expenses would definitely help.
Try to opt for most cost-efficient things — like an LED bulb to cut down expenses on your hydro, or postponing that unnecessary trip to the mall. You may also want to discuss about how to maximize your investments by discussing your portfolio with your financial advisor. You can also ask your insurance broker to see if you can qualify for discounts on your auto and home insurance. Or find out if you have the best insurance rates in the market by getting a free online insurance quotes comparison. You can save from $400 – $800 per year. Click here to find the cheapest auto insurance.