Now is the Best Time to Buy a New Car in Port Dover
Now is the Best Time to Buy a New Car in Port Dover
Posted on October 7, 2021
If you have been thinking about buying a car in Port Dover but waiting for the perfect time, you should act now. This is not fear-mongering but we wanted to give you every possible advantage to get the best value for your hard-earned dollar.
Extremely limited new and used car inventory to choose from and that supply is dwindling with each passing day. Our auto loans team have done their research and have identified some of the primary reasons why right now is the best time to buy a new car in Port Dover
Delayed effects from the pandemic
The pandemic has put a massive amount of strain on the global supply chain which is still rearing its ugly head. Countries that produce the computer chips needed in new cars have been shut down due to Covid-19 outbreaks and are still trying to get back to full production.
Consumers for the most part don’t feel comfortable buying a new car given all of the economic uncertainty, so they are keeping their current car longer than usual. So another source of quality cars has gone.
Another byproduct of drivers not trading in their cars for a new one is the lack of used cars for people to buy. In the past, the number of people interested in buying used cars was limited to your county but that is no longer the case.
This shortage means less choice and higher prices, which isn’t great if you're planning a purchase.
There are developing countries like Africa, that are buying up used cars and shipping them to Africa by container ship. These buyers from Africa use websites like Copart and everything is done over the internet.
Financing your new and used car purchase
We touched on the limited supply of new and used cars in the market but there is also a limited supply of qualified buyers in Canada. There is a significant portion of the Canadian economy that is under financial duress and not able to qualify for auto financing.
If you have a stable source of income and good credit, you will be able to secure an auto loan at very attractive rates. The current prime interest rate set by the Bank of Canada is in the 2.5% range so you can expect to pay around 5% for a new car loan if you have good credit.
Check out your credit score
Do you know what your current credit score is? The score changes every month as the credit reporting agencies get updates from the creditors you have relationships with.
If you pay your bills on time and do not carry a large amount of debt then you will be able to secure a competitive auto loan.
If you are salaried, then you would just need to provide your latest pay slip to show prospective lenders that you have enough income to service all of your debts including this new Port Dover car loan.
Now is a great time to buy a new car in Port Dover but you should not delay or run the risk of missing out on a great car. With demand being so high and supply so low, if you find the car you’re looking for, now is the time to act as it might not be there in a few days’ time!
Contact Unique Chrysler for help, advice and competitive Port Dover car finance and leasing.
Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!