Why 2022 is the year to buy a new electric car (seriously you can’t hold off)
Why 2022 is the year to buy a new electric car (seriously you can’t hold off)
Posted on July 25, 2022
The greatest time to purchase a new electric car in Canada is right now, if you've been waiting to do so.
Unfortunately, the previous strategy of waiting until specific periods of the year for amazing prices has been abandoned because of the pandemic and conflict in Ukraine.
There is no telling how long the European conflict will last, but your current vehicle is becoming less reliable with each passing day.
If things continue to spiral out of control, we may see double-digit interest rates in Canada and throughout the world as inflation spreads everywhere.
We do know that the low-interest situation we are currently in will change and change quickly. The Bank of Canada targets annual inflation at 2%, but it is currently tracking at 7% per month, that's right, per month!
Raising interest rates is one weapon the Bank of Canada can employ to restrain inflation. Even if it increases borrowing costs for everyone, hiking the rates has important repercussions.
From business owners seeking to grow to homebuyers trying to remortgage to, in this instance, Canadians trying to fund an electric car purchase.
You might be asking what difference it makes if my auto loan is a little higher.
That in and of itself is not a major concern, but since everything is now more expensive due to the interest rate increase, your budget will already be stretched thin.
In Canada, having a car is essential
We all require food, drink, and air to survive, but in Canada, you'll need an automobile to have a typical, modern existence.
Moreover, we require a vehicle, one that is dependable, because the public transportation system is just unable to meet our needs at this time.
You are dealing with substantial quantities of money because new automobile prices are running well over $40,000. An electric will cost even more.
Find a vehicle that will fulfil your demands both now and in the future because the typical car loan is now 84 months long.
It is not our intention to overwhelm you with information; rather, we want to assist you in getting ready for the next stage, which is discovering the greatest bargains.
Where to find Canada's best electric auto loans
Although it could appear that using the Internet is the greatest option, this is untrue. Even if you have poor credit, using a nearby vehicle dealership will give you access to the most affordable auto loans.
You will have access to lenders across Canada through the dealership, including those that don't advertise online.
When you work with a nearby dealership, they'll teach you how to repair your credit so you may get a new electric car for less money in the future.
In addition, your entire car-buying process will be made much easier by using a nearby auto dealership, so get in touch with the dealership right now.
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