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How to Find an Affordable New Car in Burford Ontario

How to Find an Affordable New Car in Burford Ontario

Anyone looking for an affordable new car in Burford has some very unique challenges they must overcome.


Not enough cars to meet current demand


One of the biggest challenges you will face is not enough vehicles to meet current demand.


There are a few reasons why there are not enough cars; the first carmakers are not able to produce enough vehicles due to a lack of semiconductors that go into the manufacturing of these vehicles.


Without these microchips, the carmakers are not able to produce cars, and everything is at a standstill.


Inflation is reaching unsustainable levels


The Bank of Canada had to raise interest rates by 25 basis points; this was prompted by inflation reaching 5.1% on a rolling monthly average.


Before the altercation started in Europe, this has created massive headaches for the global economy.


Russian oil cannot be accessed. Without this substantial resource, there are crude oil shortages denominated in US dollars, leading to substantial price increases.


As oil prices increase, developing nations with limited access to US dollars will not be able to meet their basic needs.


While the oilsands in Alberta can meet our needs, it takes time and significant investment to extract the oil, and all of this takes time, time we don’t have.


Higher inflation means less money in your pocket and the economy as a whole


When you pay more money for gas, it leaves less money that can be spent to drive the economy.


This has a domino effect when there is less money in the economy. Businesses are forced to cut costs and reduce staff, leading to more layoffs, and the cycle continues.


In addition, everything in Canada that is sold in retail stores is shipped by truck which is impacted by the price of diesel. It will take a long time for supply to catch up and reduce the pressure placed on the global oil supply, so everyone needs to tighten their belts.


With rising prices, your budget will need to be revamped to address these increased costs. The only way the Bank of Canada can slow the effects of inflation is by raising the interest rates, making it harder for you to repay a car loan.


This is why you need to move fast and start looking for car loans before things get out of hand.


How to find a good deal in these challenging times


You will need to reach out to your local car dealership and start looking at the various available car loan options.


The dealership has a network of lenders that will give you a great deal, even if you have credit challenges.


Along with helping you secure a competitive car loan, the lender can provide you with credit rebuilding strategies that will give you the ability to secure a prime interest rate car loan in the future.


While the conflict in Europe continues, we need a vehicle to live here in Canada, and life does carry on.


We’d love to help you find an affordable new car in Burford. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Brantford dealership. 


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    Categories: Car Loan

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