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4 Great Tips to Save Money Buying a Car [2022]

4 Great Tips to Save Money Buying a Car [2022]

We are still dealing with the Covid-19 Omicron variant, but life as we know it must carry on. One of the things that most Canadians need is a car. Everyone wants to do their part for the environment, but we need to also be practical, so we'll help you you how you can easily save money buying a car in 2022.

 

The average cost of an entry-level EV is roughly 40k, which is a considerable amount of money. When you factor in that most parts of Canada do not have the adequate charging infrastructure in place, you can see the map here.

 

There is a compelling case for buying an EV, but it may take another five to ten years before it makes sense in the more rural parts.

 

Finding a bargain in a tight car market

 

The lack of new and used cars should motivate you to roll up your sleeves and shop around. There are reports of people waiting months to take delivery of their brand new car.

 

If you are flexible, you can buy a new car today and get it at a competitive price.

 

The truth is, most consumers have grown accustomed to always getting a car just the way they want it. When these buyers are not able to get a car precisely the way they want, it creates buying opportunities for individuals like you.

 

Tapping into low-interest rate car loans in Port Credit

 

The one saving grace, if there was any, from the pandemic is the super-low interest rates, allowing you to easily save money buying a car in 2022.

 

It seems the days of low-interest rates are numbered, though. With the Bank of Canada being forced to raise rates in early 2022, if you sit on the fence too long, you will miss out completely.

 

Lenders are more risk-averse due to the pandemic, but they are flush with capital to allocate, so long as you have decent credit, you can get a competitive car loan in Port Credit.

 

Typical credit scores needed for a prime-interest rate car loan hover around 680. (Borrowers with a lower credit score will be able to get financing, so don’t let a low score discourage you)

 

Picking a reliable make and model of car

 

Don’t be enticed by vehicles that have fancy technology; having multiple USB charging ports in a car is great, but you want something that is reliable and capable of handling everything the Canadian climate has to throw at it.

 

An example of a great vehicle would be anything from Jeep, but I have a bias because I drive a Jeep Cherokee Trailhawk.

 

Don’t forget used cars

 

Something that you should consider is buying a used car if you can’t get a great deal on a new car. Dealerships have more flexibility when it comes to negotiating the prices of used cars.

 

You will need to pick a local dealership that has the best customer satisfaction track record. By going to a local, reputable car dealership, you are all but certain to get a fantastic deal.

 

With rising interest rates and systemic car shortages looming, you need to move fast to lock in a great deal, or you may end up regretting it.

 

We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 

 

Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles! 

 

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