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Money saving tips for buying a car in Grimsby

Money saving tips for buying a car in Grimsby

We have put together some money-saving tips you should follow when buying a new car; if you stick with these suggestions, you can't go wrong.

Now is the best time to buy a new car in Grimsby

There are a few compelling reasons why you should buy a car now and not delay.

  • Car prices are going to start rising soon as a side-effect of inflation. The vehicles that are currently available in the market were made a few months ago before inflation started to reach runaway levels, but the latest batch of vehicles that are coming off the assembly line will have inflation baked into the retail price.
  • Interest rates have already started to rise; even if you have fantastic credit, when the Bank of Canada increases the prime lending rate, it will cost you more money for financing, no matter how high your credit score is.
  • Gas prices are rising rapidly, and thanks to the Trudeau Government's carbon taxes, gas prices will never go down. In Canada, you need a vehicle to get around, so if you want to save money, you need to get a more fuel-efficient car or an EV; otherwise, you are going to end up paying through the nose for fuel.

Figuring out how to pay for your new vehicle

We have established that you need to get a more fuel-efficient vehicle as soon as possible, but there is that pesky issue of finding the money to pay for it.

You will need to draft up a budget to determine how much cash you are bringing in and whether you have enough room in your budget to cover the cost of the new car.

Prior to the onset of the pandemic, the average car payment in Canada was around $500, so let's use that as a placeholder.

Along with the car payment, you also need to include maintenance and insurance, so budget around $800 a month for your vehicle and that should be fine.

When was the last time you reviewed your budget?

We touched on how inflation has driven up the costs of everything; if you haven't revised your budget, you could find yourself in a cash-flow pinch throughout the month, so now would be an ideal time to work on your budget.

Cleaning up your credit

While you are working on your budget, why not spend a few minutes and review your credit?

Your credit score changes weekly/monthly, and if you don't keep tabs on it, you could find yourself in an awkward position.

If there are any errors in your credit report, have them corrected ASAP, these issues are not going to fix themselves.

Where to find the best deal on a new car in Grimsby

The best place to find a great deal on a new car is with your local car dealership. These dealerships have access to lenders all over Canada and already have cars in their inventory that you can test drive today.

You should head on over to your local dealership now and start exploring your options; what have you got to lose?

When you’re ready for a car lease or loan, get in touch with the Grimsby auto loan experts at Northway Ford for great deals on auto finance.

Categories: Car Loan

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