More Canadian car buyers would prefer to forgo the bells and whistles of a new car for something cheaper as they battle an affordability crunch.

Eighty per cent believe automakers should prioritize making their products more affordable rather than adding new features to their cars, according to a recent survey by CarGurus Inc.

Asked what changes would most improve their car-owning experience, 43 per cent said better fuel economy, 40 per cent picked affordability and 39 per cent said more durable vehicles.

Canadians are dealing with affordability issues across the board.

Gas prices were up 22.6 per cent year over year in August, according to Statistics Canada, and car prices remain high despite a slight dip in recent months. Vehicle service and repair costs were up 3.7 per in August.

The average new and used car was priced at $63,000 and $36,690, respectively, in the second quarter, according to Autotrader’s price index . Both prices were down more than two per cent year over year.

But there might be some affordability relief on the horizon. In January, Canada announced a deal with China to allow 49,000 electric vehicles into the country at a lower tariff rate provided more than half of the imported vehicles are priced at less than $35,000.

“Automakers have moved away from many budget-focused models over the past decade in favour of larger, more premium vehicles,” David Undercoffler, head of consumer insights at CarGurus, said in a news release. “That leaves an opening for more affordable, value-oriented options. Chinese automakers bringing EVs to Canada could compete for those shoppers if they deliver on price, reliability and safety.”

There may also be a market for Chinese cars — such as Chery Automobile Co. Ltd. and BYD Co. Ltd. — in Canada. Nearly 60 per cent of respondents said they would be comfortable buying one of these vehicles, with openness highest among young Canadians and Quebecers.

“Our survey suggests that unfamiliar brands can still appeal to a broad group of Canadians if they offer strong value for money, especially in the current climate,” Undercoffler said.

Challenges with new tech

On top of the price associated with new car tech, most Canadians are generally not in favour of the new advancements. More than half believe touchscreens are too distracting, want to stop AI driving advancements and do not want to pay for a subscription to access more advanced features.

Automakers such as Tesla Inc. and Polestar Automotive Holdings UK PLC have popularized large touchscreens, but it appears that some other automakers are hearing drivers’ concerns and scaling back the tech.

Recent models from Mercedes-Benz Group AG, Hyundai Motor Co., Subaru Corp. and Volkswagen AG have come with pared-down tech features and more buttons instead.

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McDonald’s is in the midst of an ambitious plan to overhaul stores as it looks to turn the tide on sliding sales.

The only problem: franchisees balk at the hefty price tag of store renovations.

The fast food chain said the revamp, which is meant to improve food quality and efficiency, will cost about US$800,000 per store in the U.S. on top of a US$400,000 remodel franchisees are already on the hook for.

McDonald’s recently began a program offering US$8.5 billion to offset the costs and said the revamp will save US$100,000 in cash flow annually.

Shares have fallen 23 per cent since February, with the stock on pace for its worst performance since 2002.

Read more here.

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Canadians spend significant time preparing financially for retirement. They save, invest and build plans designed to support their lifestyle without outliving their money.

Far less attention is given to another question that is just as important to retirement: Where will you live?

Wealth adviser Evan Riddell explains why your home is part of your retirement plan. Find out more

Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors. Sign up here.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com .

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