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Everything to Know About Rising Car Prices in Canada this Year

Everything to Know About Rising Car Prices in Canada this Year

If you are thinking about buying a new or used car in Canada, you will need to take a seat. Car prices have risen since the last time you bought a car, prices have risen, and the culprit is inflation.


The prices of just about everything have gone up, and the automobile industry is not immune to these market forces.


With rising car prices in Canada, you can still find some amazing deals, but you must be willing to move fast once you see an opportunity.


Car manufacturers are fighting for market share


During the pandemic, the automobile industry was brought to a standstill; consumers were not buying vehicles because everyone was working from home or simply didn’t know what was going to happen in the economy.


Now everyone is trying to buy a car at the same time; this has placed a tremendous amount of pressure on the auto industry supply chains.


Carmakers are in the process of migrating away from internal combustion engines (ICE) to all-electric alternatives; this will take time for the new vehicles to reach dealerships throughout Canada.


While we wait for the new vehicles to enter the market, existing inventory is being scooped up.


You are not just competing with buyers from Canada, but throughout the world, people are buying cars in Canada and shipping them abroad.


The benefits of having good credit and stable income


If your credit score is above 680 and you have a stable income, then you will have no issues getting a Cambridge car loan and purchasing a great new car.


Even if your credit score is less than perfect, you should still go forward and start exploring your loan options.


The reason we suggest moving forward with securing a car loan is due to rising interest rates.


Inflation right now is tracking at an all-time high; the only way that the Bank of Canada is able to stop things from getting worse is by raising interest rates.


When interest rates increase, it makes everything more expensive, including car loans.


By moving quickly, you will be able to lock in a low-interest rate car loan and save money in the process. Interest rates are being increased every other month, so you cannot delay or end up having to spend more money than necessary.


Where to find the best car loans and vehicles in Cambridge


The majority of us have grown accustomed to shopping online for everything; it was part of our pandemic experience with the rolling lockdowns.


When sourcing a new car and the best loans, you must visit your local car dealership; they have access to the most preferential terms in Canada.


These dealerships can get you approved for a car loan at the absolute best possible interest rates; even if your credit score is low or you recently went through bankruptcy, the dealership's credit specialists are able to get you approved.


What you need to do is contact them today and go for a test drive, so you can find the car that is perfect for you and your budget.


We’d love to help you save money during rising car prices in Canada. Simply fill in the form below and we’ll get back to you ASAP! 


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    Categories: Car News