Should I Buy A Car Right Now In Mississauga?

Should I Buy A Car Right Now In Mississauga?

Posted on June 15, 2021

With everything that’s been going on in the world over the past year or so, is it a good time to buy a car right now? Is it safe to take on an auto loan at the moment?

Our Mississauga gives us a high level overview of the situation.

Post pandemic Canada

Canada has always been a resilient country. We have a diversified economy, strong work ethic and a can-do attitude that means even when we get knocked back, we get up, brush ourselves down and get back on the horse.

It has served us well in the past and is serving us well now.

So, is now a good time to be buying a car?

We think so. But the picture isn’t as clear as we would like.

Why you Should Buy a Car Right Now

Car sales have been hit hard over the past year. With the pandemic closing dealerships for a lot of that time and people fearing for their jobs, buying big ticket items like cars has been something of a risk.

That means discounts. Dealerships are offerings lots of incentives to encourage people to buy and are more willing to negotiate than usual.

Incentives like the Kia Loyalty Rate Reduction, Chrysler’s 0% finance, or AWD for free on some Fords makes this a good time to buy.

This offers an excellent opportunity for savvy buyers to get themselves a bargain.

Then there’s car loans. Interest rates are low, lenders are willing to lend and there is a lot of money available in the market. With fewer people taking on loans than usual, lenders are also more willing to offer deals.

Why you Shouldn't Buy a Car Right Now

The picture isn’t all rosy though. New car prices are rising so people would need to borrow more to buy what they are looking for.

Given the times we are in, borrowing a lot of money for the next several years takes a lot of thought.

If you’re planning to buy used, you’re also up against it. More people are keeping their cars so used inventory is tight. Values are still high and depreciation on good quality used cars has slowed.

If you’re looking for a specific make or model of car on the used market, you’ll have to look much harder than before.

Lenders are also being more careful when approving auto loans. With the current situation, lenders are making extra sure they are lending responsibly and that any loan they offer will not put people under financial pressure.

So, is now a good time to buy a car? If you’re financially stable and can afford the auto loan, yes, now is a good time to buy. Discounts are plentiful and dealerships are willing to negotiate. That makes it prime time to buy a car!

Contact Unique Chrysler for help, advice and competitive Mississauga car finance and leasing.

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