It has been a very surreal experience over the past 2 months. At Car Loans Canada, we hope you and your family remained safe during this difficult time.
With restrictions slowly being lifted, it looks like the worst of it is behind us. Most people are thinking about getting out of their houses and getting a sense of normalcy again. And some people are even looking forward to not spending 24/7 with their loved ones! Not you of course, but other people *wink, wink*!
One thing you may not be thinking about is that there are many businesses looking to make up for lost sales. Car Dealerships are at the top of that list. Large dealerships have millions invested in their inventory and they pay interest on any car they don’t sell.
Dealerships have seen a 75% drop in sales. Even if things to return to normal, we’re still looking at a 30 to 40% drop in sales by year-end.
It means that if you are in a position to get a new vehicle (used or new), you’re in for one hell of a deal. You’ll see dealers working to get you the best rates, adding incentives that would normally cost you hundreds or thousands, and much more flexibility in the sticker price.
In the past, when Canada had excess inventory and reduced prices, American dealerships would come in and buy the majority of our inventory. And with Canada’s weak dollar, this is likely to happen again. The good news for consumers is that the border is still closed so if you are in the market for a new car (new or used), you should act as quickly as you can.
It’s important that we follow the steps laid out by the government. There are two ways that you can take advantage of these deals while also being safe. You can buy online or visit a dealership that is following the COVID guidelines.
One note: if you are buying a used car and are unable to test drive it, we suggest having it inspected by a mechanic you trust.
If you want to visit the dealership in person, we recommend the following:
Have fun! Yes, this has been an incredibly stressful period but buying a car shouldn’t be. Remind yourself that you’re about to get one of the best deals on a car in your entire lifetime!
Ready to get started? Fill out our loan application and we’ll connect you with one of your dealers. If you have any questions, please contact our customer service and they will help you in any way they can!