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Money saving strategies for Canadian drivers in 2022

Money saving strategies for Canadian drivers in 2022

2022 has been a very challenging year so far for Canadian drivers. We are coming out of lockdowns caused by the pandemic with the sole intention of getting back to normal; we want to drive to the beach, head out on road trips to nowhere and just feel human again.

One of the immediate challenges that we are facing as drivers is the pain at the pump. This is not the usual gouging that happens during long weekends where gas prices mysteriously jump up; this is something systemic.

Gas prices in Canada are moving in parallel and, in some instances, faster than inflation. It is hard to budget when you are not sure whether you will be $2.20 or $2.50 per liter of gas.

Unlike the gas shortages in the 1970s, the causes of these price spikes are caused by carbon taxes.

These taxes were introduced to make buying gasoline soo expensive that drivers alter their habits or stop using gas altogether.

The rationale behind these taxes is similar to what we find with the taxes placed on cigarettes, making the product overly expensive so no one will want to use it while at the same time padding the Government coffers. How to get relief from the shock and awe gas prices

We have no control over the price of gas, and frankly, we all need to drive because Canada is such a large country.

You should either switch your vehicle from either a hybrid or an EV; hybrids are great if you live in areas of Canada where EV doesn't make sense for your needs.

With an EV, you are no longer dependent on gas prices and have the ability to actually save some money!

Inflation is at a generational high in Canada, so any money you can save will help protect you from the shocks being caused by the Bank of Canada raising interest rates to battle inflation.

Importance of moving fast

We touched on the Bank of Canada's increasing interest rates. To protect yourself from these increasing rates and lock in your gas savings, you need to start exploring your automobile financing options.

There are a plethora of websites offering auto financing, and some of the offers do look like a good deal. Still, under further scrutiny, you will soon realize these "good deals" aren't in your favor.

It would help if you worked with dealerships in your community that sell EVs and hybrid vehicles. The dealerships are going to help you with structuring the loan, so you get the most competitive terms based on your credit and income.

The same dealership can also help you get approved for a loan if you are experiencing credit issues; as an added benefit, they will fill out the documents needed to claim the zero-emission credit offered by Ottawa when you go through a local dealership.

If you are serious about saving money on driving, then you should head over to your local dealership today and start reviewing the various loan options that are available.

If you need help or advice on anything to do with auto loans in Waterdown, contact Car Nation Canada today, we can help!

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