Best Time to Buy a Car in Canada

Changing your car is something you will inevitably do multiple times during your life. The fact that you live in Canada, the second biggest country in the world and that Canadian cities tend to spread more horizontally than growing vertically, makes the point of having a car literally a “must.” So, you will ask yourself a lot of times: When is the best time to buy a car?

Changing your car is something you will inevitably do multiple times during your life. The fact that you live in Canada, the second biggest country in the world and that Canadian cities tend to spread more horizontally than growing vertically, makes the point of having a car literally a “must.” So, you will ask yourself a lot of times: When is the best time to buy a car?

And here is my fast response: it depends on your needs and your rush. That is why in the following article I’ve split the analysis in three: If you want to know the ideal month for new cars, the perfect moment for used cars and the third and last one: if you are in a rush.

Best Time to Buy a Car: September to December for New Cars

If your primary concern is price and you are looking for a new car, the best time span of the year is between September and December. And more precisely, the best moment is November.

The fact that new models are being delivered and parking lots need space, makes manufacturers offer incentives for previous year’s models with the intention of attracting customers to drive these away. Sometimes, you can find a few thousand on MSRP savings with incentives that are really worth.

Additionally, during February and March, usually a low sales season, new car prices also go down a little bit but never compared with the levels reached during the last quarter of the year.

Nissan Canada sometimes offers the Rogue during October-November with 4,000CAD savings incentives.

Anytime for Used Cars

A new car is the same anywhere: you go to dealer X, Y, and Z and they all have the 0 Km same vehicle. Wherever dealer you go, you will get the same exact “clone.” But used cars are different. Buying a used car is more a matter of opportunity than timing. Any time in the year you can find different used car offers as these aren’t globally managed by a massive market flow.

Looking for a Used Car: Don’t Rush If Possible

While I’ve talked about it on other articles, you need to remember that even with the same exact kilometers, same precise date of maintenance and being in similar weather conditions, vehicles depreciate in different.  Cars are used differently: bumps, driving habits, breaking hard, breaking slow, high speeds, low speeds… there are multiple factors that affect the actual condition of a vehicle. And all this can result in the fact that both “brother” cars have different costs.

If you are looking for a used car, don’t rush. The ideal time span you should use for exploring alternatives is 3 – 4 weeks of 10 hours a week of search. The fact that you have found a desirable offer doesn’t directly means that you should go with it. We have all been there and that “opportunity feeling” influences a lot on making a decision.

Propose Yourself at Least 10 Options on a Spreadsheet

One thing that helps a lot not to rush and be happy with whatever decision you make at the end is to put as many options as possible on the table. Yes, an actual “data table” or spreadsheet. If you propose yourself to get up to, let’s say, ten choices, then you can be sure that you will make an excellent final decision.

Take your time, don’t rush, and do a table with all available options before saying “Deal!”.

Urgency? Yes, sometimes it is urgent…

If your current car is broken, you have the “urgent need” of having a car, or you just some eventuality is rushing you, then I suggest you analyze the following before jumping into any decision. 

  • If your urgency is because of work, consider evaluating the monthly costs of a lease for a new car.
  • If it is because you need more space because of a new family member, work reasons or just upgrading for space, consider SUVs available under 500CAD/month.
  • If you are considering used vehicles, take at least two weeks of intensive search. The more time you take and the more options you see, the better decision you’ll make.
  • If your car is broken and you urgently need one, consider renting another one for a few days while you decide. 

The best choice will always depend on how clear your judgment was at the moment of closing your next car deal. Good luck!

About the author

Jorge Diaz is a passionate car lover, winter driver & Software Engineer. For the last 10 years, he has built Online Solutions used by more than 5,000 companies across the globe. He founded LeaseCosts in 2016 with the purpose of simplifying and helping people to better understand the complex market of new vehicles in Québec and Canada. You can connect with Jorge in LinkedIn or send him a direct message.

Article reference: 
https://www.leasecosts.ca/en/articles/best-time-buy-car-canada

The Financial Benefits of Purchasing Your Next Car Used

If you are seeking out ways to save money in the future and watch your finances, choosing to purchase your next car used is a wise decision. Cars are not good investments and the odds of you selling any car for more than you purchased it for are quite slim. Therefore, it is important to focus on minimizing depreciation. Additionally, used cars have lower fees and insurance rates.

Less Depreciation

It is no secret that depreciation is problem when it comes to cars. When you buy a brand-new car and decide to sell it a few years later, you will be fortunate to get anything over half of what you paid for it originally. Alternatively, used cars depreciate at a much slower rate because the greatest amount of value is lost as soon as the new car is driven off the lot where it was purchased.

Lower Payments and Fees

A few of the other major advantages to opting for used cars include the lower car insurance rates and the cheaper registrations costs. Since there is less risk for insurance companies in the unfortunate case you get in an accident with a used car, they are far more likely to offer you attractive rates. You can even choose to opt out of collision coverage all together and save a significant amount over time. Lower payments essentially equate to less stress because you will not be fearful of getting in an accident and having to deal with expensive repairs of fixing your new car.

Considering used cars as opposed to new ones can be a smart financial decision. It can be hard to eliminate financial stress from your life, but choosing to go with a used car is one great way to minimize your debt. In the unfortunate case you got in a collision, having a used car can minimize costly repairs.

Common Myths About Poor Credit and Car Loans

If you have poor credit, then you may believe that buying a quality used car is beyond your means. However, you may have more options than you know. From bad credit car loans to finding permissive lenders, we want to show you how a few common myths about having poor credit may be keeping you from taking the first steps to owning a pre-owned vehicle.

Bad Credit is Forever

If you have charge offs or a past bankruptcy on your credit report, you may think that your credit is ruined forever and that no lender will ever see you as an acceptable risk, even if they offer bad credit car loans. However, even very poor credit can be improved by paying your bills on time and avoiding credit inquiries, which can lower your score. With a little work over the course of a year or so, you can improve even the lowest of scores.

You Are Not in Control of What You Will Pay

This is a common myth that might be causing you to put off looking for a used car. While the thought of being victimized by a lender because you are a bad credit risk can be frightening, there is less of a risk if you are an informed, flexible shopper. Get a copy of your credit score, know what it says, and be open to a variety of makes and models in order to have more than one loan option open to you.

Low Monthly Payments Are More Important Than Loan Terms

When browsing bad credit car loans, you may believe that lower monthly payments are the most important factor. However, this myth may push you into a longer, costlier loan. Consider the length of the loan as well as the payment amounts to see the bigger picture.

We hope busting these car loan myths help you become a more informed shopper. While a poor credit score may limit your options to a degree, a better understanding of the facts may

A Financial Primer on Buying a Used Car

Buying a used car is one of the bigger decisions a consumer makes in his or her lifetime, so getting it right is important. In reality, the financials of buying one of our used cars isn’t really all that complicated; nonetheless, there are several key things to keep in mind. Following these steps will help the buyer master the financial aspects of car buying.

Paying Cash

If the car buyer has enough cash on hand, it is always nice to pay for it all at once. Not having monthly car payments can free up money for other things and leave a cushion for maintenance costs. The buyer should make sure he or she has enough money left over to pay for gas, routine repairs, license fees and car insurance. Also, sometimes the buyer can negotiate a better purchase price by paying in cash.

Getting a Loan

When taking out a used car loan, there are a few rules of thumb to keep in mind. It is a good idea to put 10 percent down on the car and to try to pay off the entire loan in three to four years. The total cost of the car should not exceed 20 percent of the buyer’s monthly take home pay. These are just general guidelines and the loan should be structured to meet the budget of the buyer.

We offer a full service finance department that can guide customer’s through the steps of getting a car loan. In most cases, this can be taken care of in an hour or two. It is a great convenience for the buyer to handle everything all in one place.

Saving Money

Used cars are a great deal for the buyer. They can save the customer a large sum of money by reducing purchase price, taxes and insurance costs while providing a vehicle that will provide dependable transportation for years.

Maintain Your Brakes for Your Safety and Budget

Proper car maintenance is necessary to keep your car running and performing to its highest potential. Among the top services that are not only important for performance, but also for safety is keeping your brakes maintained. Being able to stop your vehicle when you need to is a crucial part of its operation, and changing out your brake pads when necessary should be a priority for any car owner.

Driving Habits Affect Wear

What kind of driver are you? If you are a fairly aggressive driver, you are more likely to wear down your brakes faster than individuals who are more cautious. If you tend to follow other vehicles more closely and drive quickly up to stop lights, it is important to get your brakes checks frequently to ensure proper functioning.

Urban Versus Rural Drivers

Another factor that will influence your brake wear is where you live. Driving in cities in increased traffic times can wear down your brakes quickly. Rural drivers typically have less braking time than city drivers, but road conditions can affect wear if brake pads are exposed to dust and dirt on a frequent basis.

Address Problems Early for Safety and Your Wallet

Many brake pads come with a built-in wear indicator that can be easily inspected by a mechanic. Having these evaluated during routine maintenance is easy and can catch problems before they become a major safety issue and financial burden. If your brakes start squealing, have them checked out as soon as possible. It can become a bigger and much more expensive mechanical repair if you wait too long. When brake pads completely wear down, you can start to hear grinding which often means you will need your rotors replaced. The longer you wait, the more likely your brakes are to fail, and this danger can be prevented through proper maintenance of your brake pads.

Tips for Choosing a Used Car

If you’re looking as used cars for your next vehicle purchase you may be wondering how to choose the best one for you. There are a number of factors to consider from your lifestyle to the vehicle history. Here are a few tips to help you select your new car and get on the road again.

Choose Based on Your Needs

Consider your lifestyle when selecting your vehicle. Do you need a small car with great gas mileage for a daily commute? Or perhaps a small van with room for the whole family? If you haul gear or go off-roading you may prefer a truck or SUV. Consider what you need in your vehicle for both work and play. This will allow you to narrow down your model options so you have a place to start looking.


Ask About the Car’s History

 

It’s also important to ask about a car’s history when selecting your next vehicle. How much mileage does it have on it compared to age? Were any parts replaced recently? Were any alterations made from the base model? These things can give you a feel for performance any any potential maintenance needs the car may need in the future.

 

Consider Driver Comfort

Your comfort level while driving is an important factor when purchasing any vehicle. The dealership should be happy to set you up with a test drive so you can feel how the car handles, check visibility, and see how comfortable you are in the driver’s seat. You should also be able to get a feel for things such as seat belt position and control handling. Some things may be able to be adjusted to work better for you.

When considering used cars for you next vehicle think about your lifestyle, the car’s history, and how comfortable it is to drive for you. Each of these things can play a part in making your selection. Remember, if you have any questions the dealership staff can help.

Things to Keep in Mind When Buying Used Cars for Teenagers

There are a lot of reasons why we think that buying used cars for the teenage drivers in your household is a good idea. It teaches your kids financial responsibility and important adult concepts like car maintenance and insurance terms. Before you take your teenager out shopping, here are a few important things to keep in mind.

Get Preapproved and A Budget in Mind

The first thing you’ll need to do is get preapproved and figure out your budget. If you’re having the car financed, talk to the finance manager at the dealership about what you and your teen will be able to afford. Having a set budget in mind before you go shopping is going to be key in not getting more car than you can afford.

Research Makes and Models Online

Together with your teen, research online the different makes and models. For your teen drivers you’ll want to make sure the car has excellent safety ratings but also comes with the right price point. If your teen is going to be paying for their own gas or insurance or is going to be taking over all or a portion of the monthly payments, the vehicle needs to be reasonably priced so they can still focus on schooling while juggling a part-time job.

Let Your Teen Take It for A Test Drive

Have your teen take it for a test drive (with you in the passenger seat of course!). They should take the car out on the highway as well as in slower neighborhoods. Going for a test drive in stop and go traffic is a good indicator of how well the car’s brake response functions.

An increasing number of parents are getting used cars for their teenage drivers. If you choose to do this, you’re doing a great thing for your teen and for yourself. Keep the above tips in mind before you start so you can get the best deal on a car for your kids.