When is The Best Time to Buy a Car in Canada?

When is The Best Time to Buy a Car in Canada?

Posted on February 1, 2023

During the darkest days of the pandemic, most of us were not thinking about the best time to buy a car in Grimsby, and we were just trying to get by day-to-day.

Now that we are in 2022, life must carry on, and eventually, all of us will need a new vehicle. Our auto loans team are going to discuss when we think is the best time to buy a car in Grimsby, so you can access the best deals possible!

What is your car-buying budget?

The first thing you should define is your car-buying budget. You don’t need to know right down to the penny what you can afford, just a ballpark number will suffice.

Start by creating a budget, noting all of the cash that is coming in. Now that you have all of your income sources identified, you need to list all of your expenditures.

After you have subtracted all of your obligations, you will know how much cash is left over, and that is your car-buying budget.

Do you have good credit?

If you are not sure what constitutes “good credit,”?

It is anything that is over 680. You are in great shape; congratulations on having qualified for the “prime” category.

Even when your credit score is under 680, it does not mean you cannot get a Grimsby car loan, and you still have options.

Car prices are on the rise

We have worked out your budget and credit score; you need to be ready to move fast. In the past, the best time to buy a car was at the end of the quarter and end of the year. Those days are long gone due to the car shortage caused by the pandemic. Since there is a shortage of cars, you need to act quickly if you want to buy a car.

Selecting a good vehicle

Do you have any specific make or model of vehicle you want to buy?

You should clearly define what your current and anticipated vehicle needs are; otherwise, you could buy the wrong car. We are not trying to create fear but want you to have a pragmatic approach to car buying.

The shortage of cars is expected to last a couple of years. This shortage is compounded by a growing number of buyers from around the world that are willing to pay a premium for a car. If you pick the wrong car, you could e stuck with it for some time to come.

Benefits of going local

While you may be tempted to shop online when buying a car, your best option is going through a local dealership. This may seem antiquated since everyone is shopping online.

There are a few substantial benefits associated with going through a dealership. The immediate benefit is that the dealership will provide you with great customer service, which is something you cannot access online.

You will be able to access the most competitive interest rates through the dealership, which is something that websites are not able to provide. These dealerships have access to lenders that cannot be accessed anywhere else.

If you're ready for a car loan in Southern Ontario, we'd love to help with that! simply fill in the form below to get started.