How the new Ford Government in Ontario impacts your car buying options

How the new Ford Government in Ontario impacts your car buying options

Posted on June 20, 2022

By the time you read this, the new Doug Ford government will be elected with a substantial majority. We are not here to discuss politics, but our Burlington auto loans team are going to take a look at how the PC government in Ontario can impact your car buying options.

Rising inflation and gas prices

Inflation is at historical highs and shows no signs of slowing down. The current inflation rate is over 6% and growing monthly.

The Bank of Canada has implemented a series of interest rate increases to try and slow down inflation, but that alone will not solve the problem.

What may surprise you is the high gas prices have nothing to do with the global market, at least not in a profound way.

The main reason gas prices are going up is due to the carbon taxes that have been rolled out by the federal government.

While the Ford provincial government cannot abstain from charging these taxes, they can provide relief in the form of rebates to help Ontarians.

As a driver and consumer, you cannot wait for the government to solve your problems; you will need to start looking at alternative options.

Switching to a hybrid or EV

One of the best options you have is switching your current vehicle to something that is more efficient. You could either select a hybrid or an EV; if you have the option, it would probably be in your best interest to opt for an EV.

There are a few distinct advantages to getting an EV.

• No longer dependent on gasoline, prices can go up, but it will not have any impact on your budget at all.
• EVs have lower maintenance costs over the lifespan of the vehicle.
• You can take advantage of rebates offered by the government for buying an EV.

Addressing the elephant in the room

Interest rates are climbing; if your current vehicle does not meet your needs for the next three years, then you should consider buying an EV ASAP and lock in a competitive interest rate.

We are not trying to pressure you into making a snap decision; the goal is for you to save money by purchasing a more fuel-efficient vehicle at the lowest possible interest rate.

The best source of low-interest rate car loans in Burlington

We are not going to leave you hanging on where to find the lowest interest rate car loans in Ontario. You will not get the best deals online; the websites offering car loans online do not have access to wholesale lending rates.

The best way to access competitive interest rates on your next car loan is with the help of a dealership in your area.

When you go through the dealership, they will leverage their extensive network of lenders and help you select the most competitive offer.

These dealerships can get you a car loan, even if you have credit challenges, but you should pick up the phone and book a test drive today. With each passing day, you are losing money on your existing gas-guzzling car.

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

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