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Where are car prices tracking in Canada?

Where are car prices tracking in Canada?

Have you been waiting for the price of a car to go down so you can get a good deal? You are not the only Canadian looking for a good deal, but you may be running out of time. Everyone in the economy is raising prices because of inflation, as our Cambridge car loans team explains.

If you wait too long to buy a new car, you may have to pay more than you planned.

What kind of car are you looking for gas-powered, hybrid, or electric?

The answer to this question will affect your wallet now and in the future. Even though a gas-powered car might seem like a better deal right now, gas prices are at an all-time high and will keep going up.

Anyone who was holding out hope and wishing that prices would go down is in for a rude awakening.

The main reason for these prices is the carbon tax that the Trudeau government put in place. Most Canadians, including myself, wonder why we don't use the oil reserves in Alberta to help people who need it.

Because of these carbon taxes, it is too expensive for Canadians to extract, refine, and sell oil, even though we send a lot of it to the US.

We don't have any political ties and try to stay as neutral as possible, but the next time you feel the pain at the pump, remember that it wasn't the free market that caused those high prices; it was a politician.

Inflation is wreaking havoc on car manufacturers

Inflation in Canada is getting out of control, which is hurting carmakers the most. For the high-quality cars they are making, they need to find raw materials and pay their workers properly.

Car companies could handle these extra costs for a while, but they will have to pass them on to you, the customer because they have no choice.

Carmakers will have to find a way to protect their customers and keep the lights on until inflation is under control.

It's harder to get a loan for a new car (not just for you, but everyone)

Even if your credit is perfect, you will have to pay more for anything you want to buy.

At the Bank of Canada, Tiff Macklem has the nearly impossible job of taming inflation. This can only be done by the central bank by raising interest rates.

These skyrocketing interest rates should work, but they could also send us into a recession overnight, so it's easy to see why Tiff is up late at night trying to find a solution.

Still, you can get a good deal but timing is critical

Even though things look bad, you can still get a good deal if you move quickly and work with a local Cambridge car dealership.

Most dealerships can get you a car loan at a rate that is better than the prime interstate rate. Now is a good time to get a car loan, even if your credit isn't perfect.

By the third of 2022, interest rates will be going up more quickly, and your chance will be gone. So, contact your local dealership right away and start taking their cars for test drives. This will be the best call you've made in a while.

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

Categories: Auto Loan

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