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Buying a Used Car: How to Choose a Payment Option

When the time comes to buy a used car, there are many financial factors to consider. Perhaps your budget will narrow your used car choices, or you may not be aware of the payment options available. We are ready to show you some ways you can pay for your vehicle and to show you that the make and model you desire most may well be within your reach if you plan carefully.

Consider the Time Frame

As you consider payment options, one of the first factors you might want to think about is how long you will be paying for your car. Whether you secure a loan through the bank or choose in-house financing with us and depending on your credit, your loan could be as brief as two or three years or as long as five. It is important to understand the exact terms of the length of your loan before you sign off on a vehicle.

Give Yourself Time

Even if you find yourself needing a new vehicle for your commute to work or school, you should avoid jumping into a deal right away. Take the time to consider your options, as this may help you avoid hefty payments that might be hard to handle later on. For example, ask yourself whether your current car is a valid trade in or if you can secure a down payment that may help lower the cost of a vehicle.

Review Your Budget

One mistake many people make when they shop for used cars is to miscalculate how much they can afford to pay monthly. To avoid this error, you will need to factor more than just the car payment into your auto ownership budget. The cost of insurance, gas and other taxes and fees that will need to be paid when you purchase a vehicle should all be included in your budget to ensure you do not overextend it.

Buying a https://www.mac.ca/used-cars-mississaugaused car can be a challenge, especially if you are unsure of your payment options. However, being prepared and asking the right questions can help you get the car you want at an affordable payment.

Don’t shop for the cheapest car’: tips on the smart way to buy used

Taking the vehicle for an independent inspection is recommended, says Car Help Canada consultant.

Sales of new vehicles may have hit a record high, surpassing the two-million mark for the first time last year, but the majority of consumers are still projected to buy used primarily for one key reason: cost savings.

DesRosiers Automotive Consultants forecasts that about 59 per cent of prospective buyers in Canada will purchase used vehicles this year.

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It’s been well established that new vehicles incur rapid depreciation as soon as they’re driven off the lot. Most new cars can lose up to 50 per cent of their value during the first four years of ownership.

That’s exactly why Esther Paulsen and her husband Tim bought second-hand when they were shopping around for a replacement vehicle last December for their growing family.

“Our decision to go new or used was dictated by budget,” said Paulsen, a teacher in Toronto. “We didn’t even look at new as I was coming off a maternity leave and we are basically single salary with two kids.”

But looking to save money buying second-hand shouldn’t preclude buyers from wanting to ensure their car is in top condition, cautions George Iny, president of the Automobile Protection Association.

‘More value for your dollar’

“Generally speaking, a three- or four-year-old used car coming off lease would offer more value for your dollar,” he said. “But I wouldn’t be a price junkie. Don’t shop for the cheapest car. That’s what most consumer advice tells you to do. It’s a mistake.”

Iny points to previous research conducted by the APA in the Greater Toronto market at a time when the popular Honda Fit was relatively new and in short supply. His organization found 25 used Fits for sale on auto classifieds site AutoTrader.ca.

“We then looked at the cheapest seven of them and there was a story with every single ad: curb-sider, accident reconstruction, sketchy maintenance, collisions. So you’d be better off looking for used vehicles that are higher priced and bringing an ad for one of the low-priced models that’s similar to negotiate with the seller.”

Finding a car in excellent condition will mean having it checked out, Iny added. “You have to see service records.”

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But if a seller can’t show you a car’s full history, copying down its vehicle identification number (VIN) to get a CarProof report can help identify previous accident claims and any outstanding liens, said Mohamed Bouchama, a consultant for Car Help Canada.

“You have to be very careful. You don’t want to buy somebody else’s problem,” he said, adding to make sure that if the vehicle has been subject to recall or repairs to check that the repairs have in fact been done.

Iny noted that CarProof reports aren’t infallible, though. “Information is often missing on collisions but the big stuff should show up in Ontario, and in B.C. it’s very reliable — 90-plus per cent reliable. In Quebec it’s unreliable,” he said.

Taking the vehicle for an independent inspection, especially if the vehicle is outside the warranty coverage, is also recommended, Bouchama said, “despite the fact that 50 per cent of buyers don’t do that.”

Buyers should also be extra cautious about any hidden issues if they’re purchasing a used vehicle from a private seller versus a dealership.

“If you buy from a dealer, you’re fully protected. If you had a problem and the dealer didn’t disclose it, then you have every right to go back to the dealership and there are laws that protect you from a dealer. When you buy privately you’re not protected at all,” Bouchama said.

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Other common burns prospective buyers should watch out for include sellers who mess with the mileage. “Believe it or not, these day it’s a lot easier to roll back the odometer,” said Bouchama.

Its something that can be determined by taking the VIN to a dealership and having them input it into their database to determine the last time the vehicle was serviced and what the mileage was, he added.

Even asking to see if a used car has snow tires can tell you a lot about its history, Iny added.

“That gives you an idea that the person wasn’t pinching pennies on their vehicle.”

When is the best time to buy a car?

Getting a good deal on a new or used car can depend on the time of year you buy it. Make sure you keep an eye on the calendar so you can take advantage of seasonal factors affecting the car trade and take advantage of the best month to buy a car. So if you are looking for the best time of year to buy a car, here are some dates to bear in mind.

Best time to buy a new car

Choosing the best time of the year to buy a car could potentially save you thousands of pounds.

Here’s what to bear in mind:

  • Convertibles are more desirable in the summer, so there might be bargains to be had in the winter.
  • At the end of each quarter – particularly the end of June and December – dealers might be keen to hit their quarterly sales targets and more likely to offer you a good deal.
  • Demand for four-wheel-drive vehicles usually peaks during autumn and winter because of poorer weather, so you might get a bigger discount in the summer.
  • In February and August many dealers offer some real bargains, while sales are slow as buyers wait for the new number plates coming in March and September. But If you take advantage of this lull, your ‘old’ number plates will make your car seem older than it really is, so it will depreciate faster.
  • Find out when new models or ‘face-lifted’ existing models are due out, then buy the previous version during its last few weeks in the showroom. Dealers will be want to shift this stock and be more likely to offer you a good deal. But remember an older model will depreciate faster than the new arrivals, even though it’s roughly the same age.
  • Showrooms are quieter on weekdays so drop in on a Friday – when the dealer will also be keen to meet their weekly target. This gives you an advantage when bargaining with the salesperson.
  • Wait a few months after launch before buying a new model – by then there will be less showroom buzz about it so the dealer might well offer you a better deal.

Best time to buy a used car

Seasonal trends in sales of new cars have a knock-on effect on the cost of used cars.

Time your purchase right and you could get a real bargain:

  • Avoid buying used convertibles in the spring or summer – wait until winter, when demand is much lower.
  • March and September are the peak months for sales of new cars, often through part-exchange deals. So dealers will have lots of used cars to sell, which puts you in a strong position when negotiating.
  • Dealers are also often keen to clear out used cars in July and early August in readiness for new models and the registration plate change on 1 September.
  • December and January are quiet months for the used car trade. Cars aren’t on people’s minds around Christmas and the New Year so dealers and private sellers are keen to make a deal.
  • Buy four-wheel-drive vehicles in the summer – demand peaks in the late autumn and winter because of the poorer weather.

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.

What to Know About Buying a Car in Canada

A car is a major purchase. Unless you have thousands of dollars lying around, chances are you’ll need to borrow money. Car loans are a viable option for buying all kinds of vehicles. By understanding different aspects of the car buying process, you can get the right auto for your needs.

 

Car Loan

 

A car loan is financing used for purchasing a vehicle. There are many institutions offering this funding option. For example, many auto dealers offer in-house financing for their customers. You can finance up to the maximum cost of the car. Working with dealership, is a convenient way of borrowing funds and buying your dream car all in one place.

 

Payments

 

Car loans are generally paid in full within one to five years. You have the option of making bi-weekly or monthly payments. Consider making a substantial down payment. It’s the easiest way of lowering your payouts.

 

Budget

 

There are so many automobile brands, makes and models. How do you know what car is best for you? Research costs associated with the vehicle. Consider things such as insurance, fuel consumption, maintenance and parts. You can find this information online.

 

Test Drive

 

Test drive the cars that interest you. Compare things such as handling, steering, braking, comfort and smoothness of the ride. Getting behind the wheel helps you make the right choice.

 

Used Car

 

There are many advantages to purchasing a pre-owned vehicle. Typically, these autos undergo extensive bumper-to-bumper inspections. In many cases, late model cars are equipped with the latest modern technology and features. It’s a budget-friendly approach to buying a high-quality, reliable vehicle.

 

Getting around in Canada is a lot easier when you have your own vehicle. The good news is you don’t have to break the bank to do it. With a little upfront leg work, you can obtain a loan and drive off the dealer’s lot in your dream car.

Get Back on the Road Faster With These 3 Dealership Services

If you are looking for a quality used car and a variety of options or alternatives to traditional car loans, our dealership can help you meet all your vehicle purchase needs. However, our efforts to ensure you a positive car-buying experience do not stop there. We can also offer you a wide variety of service options for your vehicle, from regular maintenance to repairs, and here are three that we can handle in order to get you back on the road as soon as possible.

Oil Change

When your car needs an oil change, bringing it in to our dealership will give you the peace of mind that comes with knowing it will be performed by experienced mechanics who know how to get the job done in a minimum amount of time. Fluids, parts and old oil disposal are typically included in the service cost, and our mechanics will let you know when the next service is due. This can keep your used vehicle running in top condition.

Checking Vehicle Warning Indicators

When a vehicle warning indicator comes on, it can be cause for concern, but not all of these lights mean there is something drastically wrong with your car. A check engine light can be something as simple as a malfunctioning sensor. When you bring your vehicle to our dealership to have it checked, we can find the source of the warning and let you know about repair options, if any should be needed.

Tune Up

Even quality used cars require a tune up after so many miles, especially if you plan to keep on driving it for several more years. Bringing in your car to have its engine looked over and older parts replaced or improved can help extend its life or identify potential problems before they turn into major issues.

Keeping your used car running like new will provide you with reliable, safe transportation for years to come. Visit our dealership today to explore your options for servicing, cars loans, and more.

The Car of Your Dreams Is Within Reach

Chances are a car is a necessity for you, not a luxury. You need it for work, school or other activities. Whether you are buying a new or used vehicle, the last thing you should worry about is how you will pay for it. The simple solution is car financing because it allows you to make monthly payments that fit within your budget.

Car Dealership Financing at a Glance

There are many financing options for people seeking to buy a vehicle. One the most common is acquiring a loan through the car dealership. When you work with a dealer, you are entering into a contract. You are approved for a loan for the amount of auto, including the interest. In turn, you agree to repay it over a specific time frame.

Multiple Finance Options

Dealerships work with multiple finance companies and banks. As a result, you have a wide range of financing options. Customers have different circumstances including excellent credit, bad credit or no credit. Some are looking to buy while other prefer to lease. Regardless of your financial situation, auto dealers can help you of choose the best loan for your needs.

Special Programs From Manufacturers

Auto manufacturers have special programs that offer good deals on their vehicles. In many cases, low interest rates, rebates or other incentives are available for qualified buyers. Typically, there are some restrictions. The programs may apply to specific models or a high credit score is required. So, when you visit the dealership ask about these programs.

Car financing doesn’t have to be a hassle. Dealerships offer you a variety of budget-friendly loan options and special incentives. It is a one-stop shop where you can buy the car of your dreams and finance it all in one location. The advantages of obtaining a loan through an auto dealer are well worth the time and effort.

Are Used Cars Right for Your Family?

Most families today have at least two cars because they are a necessity. Maybe both parents work, or teenagers have activities they need to get to. For whatever reason, multiple cars in a family is becoming the norm. Are used cars the right choice for your family?

Ask Yourself How Much Driving Will be Done

Buying used is often a good idea if the car won’t be driven for long distances. If it will only be used to and from school and activities, a low-mileage used car may be the ideal solution for the student in your family. Many older cars are just as reliable as new models, but with a much lower sticker price. The same goes for anyone commuting a short distance to work.

Consider the Insurance Costs

Insuring a new auto is often, but not always, more expensive than insuring a used car because it’s worth more. There are exceptions, such as when a new car has extensive safety features, but if you’re considering a used car and new car that are the same make and model, the one that’s just a few years old will probably be less expensive to insure.

Will More Than One Person Drive the Car?

How long will you keep the vehicle if you buy a used model? In many families, used vehicles are used for more than one child. If you have two or more teens who will need wheels within a few years, it’s a lot easier to buy a third car when you can hand a gently used model down to the newest driver.

Consider Repair Costs

Used autos tend to need more repairs, so be sure to consider repair and maintenance costs as well as car price and insurance costs. Buying a gently used model that has a good maintenance record can reduce repair costs.

Consider all costs, not just the sticker price, to decide whether used cars are the best choice for your family’s transportation needs.

Advantages of Buying Used Cars

Some people may give pre-owned vehicles a bad wrap, but there are times when it makes a lot of sense to go this route. Just about everyone needs a reliable vehicle to get around from place to place, and a used vehicle can suit you well. If you’re still not convinced this is your best choice when you need a car, consider the pros to owning used cars.

 

Good Value

 

The first thing you should know is that a used vehicle actually holds its value well. Your pre-owned model won’t depreciate as quickly as you might think. In fact, if you pay off your car, you can sell it and perhaps even recoup your investment, depending on how well you took care of it.

 

Lower Payments

 

The time to purchase a vehicle doesn’t always come at the most convenient time. Sometimes you car may break down, and  you’ll need something different when you have little cash to spare. If you’re worried about your budget, used cars are a good choice. You can find dependable vehicles at a monthly cost you can afford.

 

Save in Other Ways

 

Your monthly payment isn’t the only cost-saving benefit. When you get a pre-owned car, you should also pay less in taxes. Plus, most insurance companies will charge a lower premium for used vehicles. Also, if you need to renew registrations, those costs diminish each year as the car ages.

 

Performs Well

 

Not every used vehicle is a lemon. In fact, if you shop at a reputable dealership, the team there will thoroughly inspect the cars to make sure they’re in good working order. A certified mechanic will check every part, system and component so you can have peace of mind you’ll be safe as you drive.

 

Visit your local dealer and choose a pre-owned car. There’s a lot you can enjoy about this option.

Tips for Making Your Used Car Last Longer

No matter your reasons for choosing to buy a used car, you likely want to do everything you can to make it last as long as possible. While insurance rates, gas prices and repairs are costs that are out of your control, you are fully in the driver’s seat when it comes to helping your car last as long as possible and retaining as much of its value as possible. Here are a few tips for boosting the longevity of used cars:

 

Clean It

 

Regularly washing your car not only helps it look better, it also makes it last longer. This is because there are common contaminants that can cling to your car between washes and eat away at the paint job as well as the underside of your vehicle. Washing it keeps contaminants and corrosion at a minimum and overall reliability and appearance at a maximum.

 

Cool It

 

Besides checking to ensure you have the right amount of coolant for your engine, you also want to take steps to maintain your vehicle’s cooling system. Without proper cooling, your engine can easily overheat and breakdown, which is likely to be an expensive repair. Pay attention to your vehicle’s temperature gauge for potential signs of overheating, making sure you take your vehicle to a dealership if you suspect something might be off.

 

Lighten It

 

While it’s understandable you want an emergency roadside kit inside your vehicle at all times, all other unnecessary items only weigh your car down. Not only that, but hauling around more than necessary puts stress on the engine, suspension, brakes and transmission. Lightening your load also boosts your overall fuel efficiency.

 

Ease Into It

 

Rather than taking off immediately after starting your car, you’re better off waiting at least 30 seconds. After sitting for a while, motor oil cools down and drips to the bottom. By waiting a little while before taking off, you give the oil time to warm up and work its way through your engine to lubricate all the necessary parts.

 

Making your car last longer is easier than you might think. Be sure to put the above suggestions to good use.