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How Canadians can benefit from the new car shortages

How Canadians can benefit from the new car shortages

You’ve seen it on the news, there are chronic shortages of new and used cars all over Canada. What some people would call impossible a few years ago has become a new reality for carmakers, dealerships, and the average consumer like you and me.

Our Vineland auto loans team explains how new car shortages can actually help if you’re in the market to buy a car.

At first glance, this lack of inventory may seem like a negative but you can turn it into an opportunity.

Since there is a finite number of cars available, the carmakers and dealerships are sharpening their pencils to try and give you an amazing deal.

A perfect financial storm of limited inventory and low-interest rates

What makes this opportunity unique is the pandemic-induced low-interest rates. We have never seen interest rates this low and probably won’t as central banks around the world begin to unwind their quantitative easing which is just a fancy way of saying printing money.

Compelling reasons to buy a new car now

Even if your current vehicle seems to be fine, the price of gas is rising and will not go down.

The Canadian government has required provinces to levy taxes on gasoline, the premise being that if it becomes too expensive then consumers will migrate over to cleaner fuel sources like electric.

We will leave politics to the politicians but even if your vehicle is running fine, it will not be as fuel-efficient as a new car. While on the topic of new cars, have you given some thought to getting an all-electric vehicle?

Government incentives are being offered when you buy an all-electric vehicle and with the price of gas climbing by the day, you will be doing yourself a favor by exploring your options.

Seeking out the right professional help

There are many moving parts in the car buying process and this is something you should try to navigate alone. What you should do is seek out a local car dealership that has a well-established track record of giving its customers a great car buying experience.

While you may be thinking that the dealership is just there to try and “sell you something”, nothing could be further from the truth.

The dealership has a vested interest in providing you with a world-class car buying experience, this is a major financial decision and they want to earn your business for years to come.

Along, with the dealership being able to offer you a great car that fits within your budget, they also can help with securing the financing.

The average price of a new car can easily top $50,000 which sounds like a lot of money, and it is but when you buy the right car it will enrich the quality of your life.

Auto loan interest rates are quite low, even if your credit is not ideal, you will be able to secure a competitive loan provided you go through a dealership. Some websites offer car loan quotes online but they use artificial intelligence and make decisions based solely on the information you type in. A dealership will take the time to get to know you and your specific needs.

Once the dealership has a clear understanding of your financial situation, they can line up some lenders and also help you improve your credit score so the next time you buy a car, your interest rate will be at or near-prime.

We will use all our skill and experience to deliver the lowest possible Vineland auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

Categories: Auto Loan

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