Our Campbellville auto loans team has come up with some of the best tips and tricks to follow when buying a car in Canada. These tips are going to help you save money and have a more pleasant shopping experience.
Is this your first time buying a used car in Campbellville? Even if you have purchased cars in the past, our suggestions are going to open your eyes.
Consider buying a used car
Have you considered buying a used car? There is a bias that new cars are superior to used cars and while that may have been true 10 years ago, that is no longer the case. There are used cars that are just as reliable as a new car but are priced substantially lower.
The difference in value between a comparable used and a new car could be as little as 15% all the way to 50% or more, which is a considerable price difference.
So, it begs the question, why pay a premium for a new car if a used car in Campbellville will meet your needs?
In the past, there was a massive inventory of used cars to choose from but since the onset of the pandemic, the availability of used cars has dried up.
Many factors are impacting the availability of used cars.
Most consumers do not feel comfortable taking on a new car loan due to unpredictable economic conditions. Instead of trading in their old car and buying a new one, the drivers are keeping their cars longer than they did in the past.
There has been a massive spike in the number of people who want to purchase used cars. This demand is not just within Canada but there are buyers from all over the globe. Africa is importing a huge number of cars every month.
As the economies in Africa improve, the middle-class citizens there want to buy cars from America, Canada, and around the world. This constant demand for used cars has made it very challenging for the average Canadian car buyer to get a bargain.
While the available inventory of used cars has somewhat become limited, you should keep looking until you find the car you like.
Do not buy from private sellers
If you are thinking about buying a used car in Campbellville from a private seller found on websites like Craigslist or Kijiji, you should reconsider. Private sellers are not licensed or bonded so if you buy a lemon from them, your legal options are very limited.
The private seller is under no obligation to tell you the entire history of the car and you cannot rely on services like Carfax.
While Carfax is helpful, it is not 100% accurate, so protect yourself by only dealing with reputable dealerships that have been in business for many years.
These used car dealerships will also help you secure financing which can be challenging, especially if your credit score is less than 650 which is considered the minimum score for most auto lenders. If you are not sure what your current credit score is, you can access it for free by visiting websites like Equifax and TransUnion.
If you notice your credit score is low or there are mistakes inside the report, you can have those corrected by contacting the credit reporting agency and making them aware of the mistakes. There is no cost for this service, so you can begin start shopping now.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!