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Why Canadians need to know about used car prices

Why Canadians need to know about used car prices

If you are interested in buying a used car, now is the time you should solidify your buying decision as soon as possible.


We are going to go over some of the primary reasons why it makes sense to buy a used car now, especially if you are trying to make the most of your budget.


Rising interest rates have cut off the supply of cheap money


Throughout the pandemic, lenders were encouraged by central governments to issue new loans to grow the economy.


This led to a surge in the amount of money that was available to chase fewer and fewer hard assets like used cars.


Since consumers had large sums of cash and few places to spend it, they decided to buy used cars; this is why we saw used car prices outpace new car prices in some places.


Now that the flow of cheap money is starting to close, we are seeing demand for used cars go down; this reduction in demand means prices are finally stabilizing.


Rising interest rates and your used car buying options


While rising interest rates helped slow the demand for used cars and taper prices, it will also have a direct impact on your ability to secure an affordable car loan.


This is why you need to start looking for an affordable used car loan sooner rather than later.


We are not encouraging you to take out a car loan because we want to spread fear in the economy; this is just a reality that must be faced if you want to save money.


Finding the right used car for your needs


While there are many different makes and models of used cars you can choose from, if you are looking for a great deal, consider getting something that holds its value, like a Ford or a Dodge.


These companies have been producing cars for decades and have built up a reputation for producing reliable cars that can stand up to the challenges that the Canadian climate can throw at it.


Do not buy from a private used car seller


If you were thinking about buying your used car from a private seller you found online; you should reconsider that path.


While there are online marketplaces like Kijiji Autos that let private buyers and sellers come together, you could be asking for trouble.


When you buy from a private seller, you are not protected by consumer laws like when dealing with a legitimate business. If the private seller ripped you off, you would have little to no viable recourse.


By going through a local dealership, you can have peace of mind knowing that you are buying a reliable used car at a reasonable price.


The same dealership will help you secure financing, which can save you both time and money, so you should go to the local dealership now and check out its inventory.


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

Categories: Auto Loan

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