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Tips for newlyweds wanting to buy a car in Oakville

Tips for newlyweds wanting to buy a car in Oakville

Getting married is a major milestone in your life, and one way to commemorate this is by purchasing the first “family car.”

When buying a new vehicle together, there are some important things that you will need to bear in mind if you want to get the best possible value for your money, as our Oakville car loans team explains.

Budgeting for the new vehicle

The first thing you will need to do is work out how much cash you can put towards the purchase of the new vehicle.

Inflation has driven up the costs of pretty much everything, so you will need to go through your existing budget with a fine-tooth comb to squeeze as much cash as possible from your budget.

Once you have gone through your budget and determined how much cash you can allocate towards the new vehicle, you will need to think about whether you are getting an EV, hybrid, or internal combustion engine (ICE).

With gas prices at all-time highs and will continue that trend into the foreseeable future, you should consider getting an EV.

What is your credit situation?

Do you or your spouse have credit challenges? In your vows, it was till death and not debt do you part.

You should take a look at your credit report and that of your spouse; if there are errors inside your credit report, it will bring your score down and increase your overall borrowing costs.

There are free services like Credit Karma and Koho that will give you free access to your credit score.

Additional considerations

When buying a car, most Canadians only look at the monthly payment but don’t think about the other running costs that come with owning a car.

One of the most significant costs will be fuel, we touched on buying an EV, but if you opt for an EV, you should install a level-2 charger in your home.

These chargers must be installed by a licensed electrician; carmakers like Ford are offering incentives to install the charger in your home.

Where to get the best deal on a new car

You’ve probably spent a fair bit of time online doing research on cars, but when you are ready to pull the trigger and move forward with the actual purchase, don’t bother with online retailers.

The best option when shopping for a new car is to go through your local car dealership.

These dealerships have access to the most competitive interest rates in the country.

With interest rates rising, you need to take advantage of every option available to you, so head over to the local dealership and begin test-driving.

You and your spouse could have varying tastes when it comes to what you want in a vehicle, so you should be ready to compromise, but if you work together, this can be an amazing experience.

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


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