Consumers racked up towering debt loads in 2013 as big ticket items dominated their wish lists.
Fresh data released Friday confirms that on top of a booming housing market last year, auto sales similarly caught fire.
A record 1.74 million new cars, trucks and other vehicles were sold last calendar year, surpassing the previous annual high of 1.703 set back in 2002.
READ MORE: Household debt levels hit fresh high
Ford says it led the pack, with sales up 3 per cent compared to 2012, with 283,600 vehicles moving through dealer lots. Ford’s F Series pick-up truck was the best selling vehicle in Canada last year.
Trailing Ford was Chrysler, while Honda said its Civic model was the top-selling car for the 16th consecutive year.
In the U.S. meanwhile, figures released for that market on Friday suggest car makers had the best year in more than half a decade.
Where auto sales are headed in Canada in 2014 is anyone’s guess.
Economist and industry experts finger ultra low interest rates for the strong showing in Canadian sales, a trend that if rates continue to hold at their present levels may continue, some experts such as BMO Capital Markets economists say.
But with many households already up to their necks in borrowed money, others including economists at CIBC believe this year will be a period of moderating sales.
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