If you need a more reliable and fuel-efficient vehicle, then our tips are going to make your life easier. The country is facing a very difficult problem; inflation has and is continuing to drive up the costs of everything, including gas.
If you commute to work now that the pandemic is over, then you are really feeling the pinch. The best way to save money is to purchase either a hybrid or an EV.
By the time you reach the end of this conversation, you will have the information you need to make a better-informed buying decision.
The status quo doesn’t work anymore
You cannot hold on to your current vehicle with the hope that these high gas prices are just a phase. The Trudeau government has enacted carbon tax laws that all provinces must levy, even in oil-rich Alberta.
These carbon taxes artificially increased the price of gas, even if there were no geopolitical issues taking place in Europe.
If you delay making the decision to change vehicles, you are essentially throwing your money away each time you drive into a gas station.
Don’t have room in your budget for your new car
We get it; most Canadian households are under an immense financial strain, just $200 away from financial ruin in some cases. You will need to start working on your budget if you haven’t already; there are a few things you could do to find additional room in your budget.
Cutting non-essential services like cable, there is a growing number of Canadians who are “cutting the cord” and getting rid of cable. They can get most, if not all, of their content online, including NHL hockey games.
While cutting expenses can help, you may need to start looking for alternative sources of income. This could mean taking on another part-time job to help boost the total income coming into your household.
There are freelancing jobs like Door Dash where you make money delivering food, plus you get to meet people in your area that you could never meet anywhere else.
Aside from Door Dash, you could find other sideline jobs like working with a moving company on weekends; there is really no limit.
Cleaning up your credit
A simple way to save money in these uncertain times is to take care of your credit score. Having a good credit score can protect you in emergencies where you need money and don’t have it in your emergency fund.
To get a great car loan, your credit score should exceed 660; if you aren’t sure whether your car loan falls in that range, Credit Karma will give you free access to your credit score.
To get the best possible deal on a new car loan, whether you are going for a hybrid or an EV, you must go through a car dealership in your area.
The dealership will be able to structure the loan so it works for your budget, and they will go toe-to-toe with lenders making sure your interest rate is the most affordable.
If you are still reading this, call your dealership now and start test-driving the latest hybrids and EVs until you find the one you like the most.
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!