Why you should Buy a New Car in Puslinch as Soon as you Can

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Why you should Buy a New Car in Puslinch as Soon as you Can

Posted on March 21, 2022

This is not a pressure tactic to try and make you buy a new car in Puslinch; there are a few compelling reasons why you should consider buying a new car soon, as our uto loans team explains.

 

A question you should ask yourself is if your current vehicle is able to meet your current needs for at least two (2) years.

 

If you are wondering why two years, the global car market has never experienced a shortage like this and may never fully recover.

 

You could find yourself in a situation where you want to buy a new car in Puslinch but would need to wait a few months before having it delivered, and that is after you paid for the vehicle!

 

There are some people who don’t want to wait and try to buy a car in the secondary used car market.

 

This approach worked great at first, but as the shortage dragged on, your options are limited, and car prices are climbing.

 

Sadly, the prices of everything have increased thanks to the Bank of Canada printing huge sums of money as it tries to keep the economy alive.

 

This printing of money helped while in the depths of the pandemic, but now that we are learning to live with Covid, it is time come to terms with all of this added money.

 

Inflation has caused prices to rise by 5%, and that is not going to slow down any time soon.

 

Revising your budget to reflect our new economic reality

 

Everyone should have a budget; it helps to keep tabs on where your money is going.

 

Since prices have changed dramatically, you should make a list of all your current obligations and income sources.

 

A significant number of Canadians are now working more than one job; these side hustles are helping them make ends meet.

 

The average price of a car can range from $40,000-$60,000, and frankly, who can pay that amount in one lump sum?

 

So, you need to get financing, but lenders are now more cautious, so you will need to put your best financial foot forward if you want to get a decent deal.

 

In Canada, the median credit score is 660, and if you want to get a great car loan, then you will need a credit score of 720.

 

Not sure what your current score is?

 

You can use apps like Credit Karma which are free and let you review your credit score in real-time. If your score is not high enough, you can still get a car loan.

 

Where to get a decent deal on a new car

 

Since there is a narrow window of opportunity, you need to head over to your local dealership.

 

The dealership is going to shop the entire market to help you get the most competitive terms. Even if you have bad credit, they will get you approved, but the onus is on you to take action now.

 

With each passing day, the number of cars that are available is going to be reduced even further. So now would be an ideal time to contact your dealership right away.

 

We’d love to help you buy a new car in Puslinch. 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 Burlington dealership. 

 

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