Use These 5 Proven Tricks on Your Car Dealer to Get the Price You Want!

You’re on the lookout for your next car? That’s exciting news! What isn’t as exciting is the prospect of haggling with a dealer to talk them down from the exorbitant quote they’ve just given you. Fear not. 

In this article, we reveal 5 successful strategies you can use to beat the dealer at their own game. We talk about how the price of your new car in Canada doesn’t have to be at the whim of the dealer. 

For instance, if you’re in the market for a Subaru Forester, a new price report will help you avoid paying the full MSRP and give you amazing incentives! 

Without further ado, let’s explore the 5 tactics that will get you a new ride without breaking the bank. 

  1. Stick to Your Target Figure

Make it clear to the dealer that you will only sign the paperwork when they agree to match the price you have in mind. Of course, they’ll try to counter your offer. Stay firm and politely decline. Leave them with your phone number, and if the price you’ve quoted is reasonable, chances are they’ll call you back within the next couple of days. 

  1. Know When to Follow Up

Auto gurus have suggested it’s best to follow up on Saturday or Sunday an hour before the dealership closes. 

Always call and ask to speak to the same point-of-contact person you negotiated with before. Reiterate that you aren’t willing to go above your quote, and if they’re having a not-so-lucrative weekend, they just might acquiesce!

Salespeople are under more pressure to make one more sale before the month closes, hence it’s always a good idea to follow up at the end of the month. A deal that they refused on the 26th of the month might suddenly make sense to them on the 30th. 

  1. What NOT to Say

“I really love this car”

“I don’t know much about cars”

“I’ve made up my mind to purchase a car today”

While all of the above may be true, there’s no need to volunteer this information to the dealer. The dealer psychologically profiles every person that walks in. Knowing that you’re already emotionally invested in a car, they might just play to that and use any and all tactics to complete the sale. Make sure you hold the cards and don’t relinquish that edge to the salesperson. 

  1. Don’t Be Afraid to Walk Away

Walking away does not equate to defeat. Sometimes, leaving the dealer with a quote to mull over is a great thing. If you eagerly accept the first quote they give you, chances are you’ll get taken for a ride. From there, it’s only a matter of time before the dealer heaps additional fees onto you (VIN etching, rust protection) that you don’t really need. Again, if the dealer is not meeting you halfway, hit the road. 

  1. Get a Free Dealer Invoice Report

None of the above really stands for much if you don’t have a dealer invoice report to turn to. 

Your report will reveal;

  • MSRP (Manufacturer’s Suggested Retail Price – what the dealer paid to own the car)
  • Factory incentives
  • Lease and finance rates
  • Recommended dealerships
  • Vehicle pricing options
  • Comparable vehicles

A majority of dealers turn a profit of 8.7% on selling a new car. When you’re aware of the true MSRP, you can follow the 3-5% rule – meaning you can add about 3-5% on the invoice figure in your report to calculate the most lucrative negotiation price. 

It’s simple! Choose your make and model and see a complete breakdown of all fees. 

 

Get a FREE dealer invoice report within minutes. 

 

Unmasking 7 Hidden Costs of Owning a Car

Sure, it’s really exciting to mosey on to your local dealership and pick out a new ride. But it’s also important to pay attention to your wallet. Apart from the upfront fees, there are plenty of “hidden” charges that rake up over time. 

To ensure you’re not going to be breaking your budget down the road, check out these little-known fees that are often missed by new car buyers. 

Read till the end to find out how knowing the dealer invoice price can help you save BIG. Want to know the dealer cost for a Toyota Tundra for instance? A dealer invoice report is exactly what you need. 

  1. FUEL

This one is a no-brainer but you’d be surprised how many people overlook it. If you plan to buy an all-electric vehicle, then you can skip this point. Large vehicles like pickup trucks, minivans and SUVs tend to be costlier as far as the fuel economy is concerned. Small cars like sedans and hatchbacks are your best bet. Fuel is the second biggest ownership expense after depreciation and accounts for over 24% of overall charges. 

  1. MAINTENANCE

The manufacturer’s warranty will most likely cover all maintenance requirements for the first couple of years of ownership. However, you will eventually have to take on that burden. Maintenance accounts for about 4% of ownership expenses over a 5-year period. Make sure you check how expensive your vehicle will be to maintain before putting down your money. 

  1. TIRES

It costs anywhere between $60 to $125 to change one tire. It is recommended that you change your tires at least once every 3 to 6 years. Of course, always check them sooner to ensure they’re not worn out. Just like fuel, tire costs vary dramatically from one model to another. 

  1. INSURANCE

You can’t forget to tally the insurance expenses as it is illegal to drive without insurance in Canada. Ontario and Alberta have the highest rates in the nation. The average resident pays about 1,476 per year on insurance. 

  1. FINANCING/LOANS

Your monthly loan payments will probably be one of your biggest. You can extend the loan to lower your monthly payments, however, this, in turn, will increase long-term expenses as you will have to defray interest charges on each monthly payment. Interest accounts for over 11% of ownership expenses over a 5-year period. 

  1. LICENSING

As a car owner, you will have to renew your license on an annual basis which costs about $100 in Canada. Registration is a bi-annual charge that costs around the same. 

  1. DEPRECIATION

Depreciation has a huge impact on the total cost of ownership. In fact, it is estimated that your car can depreciate by as much as 20% as soon as you drive it off the lot! The longer you wait between purchasing your vehicle and selling it, the more you stand to lose. Over a period of 5 years, vehicles depreciate by about 65%. This is why depreciation accounts for about 48% of total ownership expenses. 

Find Out the True Cost of Your Next Car

How? Simple! With a dealer invoice report from Car Cost Canada, you can get a breakdown of factory incentives, lease rates and more! That way, you can easily skip the extra charges and find out how much the dealer actually paid to own the car. Negotiating for a great deal is so much simpler. 

 

Get your FREE report right here

Psst: We send it to your email in minutes!

Dealer Fees: How to Separate the Essentials From the Frills

Buying a new car is always a tricky affair, especially if you’re a novice. Dealer sharks are on the prowl and the only way to protect your interests is by staying informed! In this article, we’ve got your back. We reveal the required dealer fees and the ones that are nothing more than a strain on your wallet. 

We also explain how to only pay the dealer invoice price in Canada on your new car instead of paying the full MSRP. Read on for more. 

The Basics

Manufacturer’s Suggested Retail Price (MSRP): We talk about this one a lot but we cannot stress enough how you shouldn’t pay the full MSRP quoted by the dealer. The MSRP can be altered by the dealer as they wish, meaning it is up to you to negotiate and get the best price. This figure does not include sales tax.  

(Psst, to find out how to avoid paying the full MSRP, read till the end!)

Incentives: Incentives vary from one brand to the next. They may also change depending on the payment option you go for. This discounted figure changes each month and can be deducted before or after tax. Some incentives double up as rebates, this means that the buyer has to cover the deduction before they can get the amount back. 

Pre-Tax: The total price of the car before the sales tax, including MSRP, pre-tax incentives and add-on fees. 

Sales Tax: A percent of the total price that ranges from 5 – 15%

After-Tax: The total price after deducting the sales tax, including MSRP, pre-tax/post-tax incentives, add-on fees and sales tax. 

The Essential Fees

Freight: Manufacturers compute the average cost of transportation by determining the price to ship the car from the production location to its retail outlet. 

Pre-Delivery Inspection (PDI): The cost of the maintenance assessment on the car when it first comes to the dealership. These checks are mandatory to make sure your car is ready to take on the challenges of the road. 

Air Tax: A $100 charge applied by the government to all cars with an A/C. 

Tire Tax: A charge ranging from $20 – $30 applied to a vehicle to promote the tire recycling program. 

Regulatory Fees: This is a fee levied by the provincial government which is around $10; varies based on the province. 

The (Avoidable) Money-Guzzling Fees 

Admin Fee: This is the fee charged to cover licensing, insurance documents, processing loans or leases, activating satellite radio, etc. It is applicable to luxury vehicles only and is optional in every other case. 

Extended Warranty: This is a standard warranty extension that is offered by the dealer before the vehicle is sold. You can buy this at any time and aren’t required to do so right away (despite what the dealer may have you think). 

Block Heater: A fee for the block heater installation to keep the engine warm in colder weather. This is necessary only where the temperature is constantly below 0°C. 

Rust Protection: A fee to apply any kind of rust proofing. Yes, it’s useful but not at all mandatory. 

Nitrogen Tires: The fee to infuse nitrogen in the car’s tires. Again, this is useful in sports cars as it enhances safety when cruising at a high speed. 

VIN Etching: The fee charged to impose the VIN on a car’s windows in order to reduce the value for potential thieves. 

The Takeaway

Carefully assess the quote provided by your dealer and only accept the items you really want to pay for. You can compare the dealer breakdown to the list provided above. And guess what? You can…

Start Saving Right Now With a Dealer Invoice Report

A car dealer invoice report reveals the actual amount paid by the dealer to own the car. That way, when you’re haggling for a good deal, you won’t have to pay the full MSRP. 

A majority of dealers turn a profit of 8.7% on selling a new car. When you’re aware of the true MSRP, you can follow the 3-5% rule – meaning you can add about 3-5% on the invoice figure in your report to calculate the most lucrative negotiation price. 

It’s simple! Choose your make and model and see a complete breakdown of all fees. 

 

Get a FREE dealer invoice report within minutes. 

Purchase Your Dream Car Without Leaving The House!

We live in a time where you name it, you can buy it online. From groceries to electronics, the e-commerce world has made shopping significantly easier. With online shopping opening up a convenient means of obtaining goods, the car world saw it as a great opportunity to help individuals purchase a vehicle without having to leave the house.

Buying a car online in Canada is still relatively new and not fully adopted by consumers. Because it is such a massive purchase, many prefer to go to the dealership to ensure their needs are met. Despite any misconceptions, buying a car online poses an array of benefits for any consumer looking to nab a new ride.

Here are a few reasons why buying a car online may be a good route for you to take:

A Convenient Experience

Shopping can be a daunting task. You have to get ready, leave the house, walk around for what feels like hours, and sometimes, you end up buying things you don’t need because they just caught your eye along the way (we’ve all been there). When it comes to shopping online, you can eliminate all of this. Shopping for a car online doesn’t even require you to get out of bed!

Many car makers have easy to use, virtual interfaces that allow you to design your desired model and get a realistic feel of what it will look like in person. They will also show you the prices associated with add-ons, financing, leasing, interest, and even discounts available. You can do all of this from the comfort of your own home on your own schedule – no need to leave or even get out of your comfy PJs!

A Dream for Non-Negotiators

Some are experts when it comes to negotiations and can haggle money off of nearly anything. However, many people are hesitant when it comes to the negotiation process either because they are unsure how to properly do so, they fear rejection of their counteroffers or they are a little on the shy side. If negotiation isn’t your cup of tea, buying a car online can help you pass that roadblock.

Most vehicle sites will show a list of available discounts, incentives, and offers, as well as a place for you to interject your own (ones you received from your Dealer Invoice Report for example). Should you feel the need to negotiate, some sites offer online chat services where you can talk to a real individual without the face-to-face awkwardness you may feel when hassling in person. Say goodbye to the days of long-drawn-out and uncomfortable in-person negotiations. 

Time is Money

We can’t sugar coat it, buying a car isn’t exactly a quick process. First, you have to choose your vehicle, then you have to choose the paint colour and other features, from there you have to wait for approval, then you have to work out the costs and fill out even more paperwork. The typical process of purchasing a vehicle is around 1 to 2 hours, provided everything goes smoothly. Buying a car online can cut this process down significantly and can be done in less than an hour.

When you are buying a car online, you essentially bypass any sales pitches the dealer may have and all required work that needs to be filed can be done with a few clicks. If you don’t want to spend a couple of hours sitting in a chair endlessly waiting, opting to purchase a vehicle online may be the best route for you.

Shop On Your Own Accord

Buying a vehicle online allows you to browse as you please. While you can do so at the dealer, it’s significantly easier online. You can customize as many models, add-ons, and exterior and interior features as you would like at your own ease. Dealerships typically hold the most popular models with the basic paint colours and features. Want to see how a Mazda 3 looks in metallic gray, black, vibrant orange, or chocolate brown? You can do so online. You can get a good feel of what your fully customized vehicle may look like prior to purchase, even if it isn’t on the showroom. There is no pressure to buy or settle – you can browse and customize as much as you want!

A few years ago, online shopping had many limitations and now you have the option to purchase an entire vehicle without leaving the comfort of your own home. Just a few clicks can secure you a new ride. Both traditional and online purchasing pose many benefits; it all comes down to personal preference and comfort.

Added the car of your dreams to your cart? Get your FREE Dealer Invoice Report today to save money on your checkout!

Saving Money on A New Car is THIS Easy?!

No matter how much money you have, being able to save some on a purchase is always good news. Scoring a two-can-dine coupon on $10 meals can be enough to render people ecstatic. Although we don’t go out hunting for ways to save a few bucks on takeout, we do as much as we can to save on larger purchases. Purchasing a new car for instance – who wouldn’t love to knock hundreds or even thousands of dollars off of the price?

It’s possible to get the car you want at a price lower than listed, it just requires a little extra work that will be well worth it in the end. In the market for a new ride? Here are a few ways you can score the best car deals Canada has to offer: 

Do Your Research

The excitement of driving away in a new ride is a lot to bear. So much so, they are you want to just run to the dealership, sign your deal quickly, and ride away. While the experience is exciting, it’s best to take it slow and do thorough research. Don’t settle on the first car you see. Compare various models, makes, prices, and features. This extra bit of research can really go a long way when it comes to picking the vehicle that best suits your needs. 

Trade-In If Possible

Do you already own a vehicle and are just looking to upgrade? Consider trading in your existing vehicle. Provided it is in good condition, the dealership can offer you a good amount of money on it. The money you are offered is based on:

  • The year of the vehicle
  • The make/model
  • It’s external condition – is free from any cosmetic damage?
  • It’s internal condition – are all the parts in working order? Are repairs required?
  • It’s features – vehicles with more features tend to rake in more money
  • It’s current safety standard – will it pass safety or does it require repairs in order to do so?

Based on these factors, the dealership will work out a reasonable price which can be put towards the purchase of your new vehicle and lower the overall cost. If you aren’t too attached to your current ride, it makes sense to consider a trade-in!

Learn More About Rebates

Remember that two-can-dine coupon I mentioned earlier? It would be cool if you could cash in a coupon for your new vehicle, wouldn’t it? While they don’t work quite like that, rebates can still knock some serious cash off of your next new vehicle purchase. It’s important to research rebates you may qualify for as some aren’t brought up by the dealer. Money-saving rebates can include:

  • Incentive rebates – often given when you purchase a vehicle by a certain time 
  • Military rebates
  • Student/Graduate rebates
  • Mobility rebates (should you require any add-ons to make your vehicle accessible)
  • Workplace rebates

Get Your Dealer Invoice Report

A Dealer Invoice Report is to car buying what the Golden Ticket was to Charlie. What exactly is it? A Dealer Invoice Report generates the price the dealer paid for the vehicle as opposed to the MSRP which is marked up, sometimes substantially. The report reveals the dealer price as well as incentives you may be eligible for. Most dealers are receptive when it comes to accepting the report and presenting the information on paper may void a pesky negotiation process.

Depending on the price of the vehicle, the Dealer Invoice Report can save you anywhere from a couple hundred dollars to thousands. Saving your hard-earned money with a free report sounds like a win-win in our books!

When it comes to purchasing a new vehicle, there are several ways you can go about knocking some dollars off of the cost. Being aware of these measures and taking a little extra time before jumping on the first vehicle you see can help you save big.

Ready to purchase your new vehicle? Get your FREE Dealer Invoice Report today!

Want To Get Out Of Your Lease Early? Here’s How!

When it comes to getting behind the wheel of a new ride, many opting for leasing. Despite the fact that you don’t own the vehicle, you have a lot of flexibility when it comes to upgrading. In fact, a majority of people choose to lease simply because they want to have the latest car at all times. Leases also tend to cost less (depending on the term and type of car) – another reason many opt for them.

While leasing a vehicle does provide great benefits and is a viable option for those who don’t want to fully commit to a vehicle, there may come a time where you want to get out of your lease. This could be because you want to purchase and own a vehicle, you are not satisfied with the make and/or model, or you are unable to make payments. Terminating a lease early can be a costly action, so much so, that keeping your lease until it is up may be the best option. With that being said, if you are looking to terminate your lease without paying an arm and a leg, there are options available.

Here’s how to get out of a car lease early in Canada without spending a fortune:

 

Transfer your lease to someone else

With all the e-commerce sites out there, selling products has never been easier. Vehicles are always in high demand and many turn to online sites to browse potential options. If you want out of your lease early, transferring your lease is the most cost-efficient option available. How does this work? Talk to your dealer and request a transfer of the lease. The person you are transferring too will officially take over any payments for the remaining term of the vehicle. 

It is important to note that in some instances, your name may still be on the contract, ergo, should the person of transfer miss payments, you could be held accountable. It’s important to ensure the person taking over the lease is committed to paying in a timely manner. There is also a transfer fee associated with this process, typically ranging between $50-$500, albeit, still cheaper than terminating your lease without transferring it.

 

Buy out the vehicle

When it comes to a lease, there are quite a few restrictions. Typically, leased vehicles cap at 20,000-24,000km a year with hefty costs added for additional kilometres. Because the vehicle isn’t yours and you eventually have to return it, you may find yourself feeling uncomfortable or unable to fully appreciate the vehicle. If you are looking to break free of any restrictions, own the vehicle, and finances aren’t an issue, buying the car out may be your best bet. 

If you want to break out of your lease, the dealership may offer you incentives when it comes to buying out the vehicle (after all, they are making a sale). Unlike a lease, you aren’t paying for the depreciation value, but rather, the full value of the vehicle. For example, if a vehicle is $20,000, your total lease term will not equal that amount – only the amount that particular vehicle depreciates over your term. When you finance, however, you are paying the total cost of the vehicle, in this case, $20,000, over the span of your term. It’s important to discuss this option with your dealer and see what offers and incentives are available to you should you make the switch. 

 

Don’t be afraid to ask for help

Sometimes, we are put in situations that are less than ideal. Some situations can impact our financial state and vastly affect our ability to make payments on time. When this occurs, many jump to terminating as many monthly payments as possible, including a vehicle lease. Prior to completing a costly termination, talk to your leasing company and explain your situation. They may be able to lower your monthly payment or even suspend it for a period of time. 

Your leasing company may opt to lower your monthly payment if your payments have been in good standing prior to. If you have been up to date with payments and proven that you were able to financially afford your lease, your chances of them lower your monthly payments increase.

When it comes to the temporary suspension of payments, it’s important to know that this isn’t a free pass for that period. The total amount of payments incurred within the suspension period will be added back onto your lease when the period is over. You will have to make up for these payments, typically monthly. This means your monthly payments thereafter may go up, however, it’s a viable option if you feel your financial state will only be negatively impacted for a short period of time. 

 

What NOT to do when terminating a lease early

With every good option, comes a bad one. Despite the fact that there are plenty of available options to safely terminate a lease, there are some that could cost you a significant amount of money or land you in some hot water.

Returning the vehicle

While this isn’t a particularly bad option, it is costly. Opting to return the vehicle before your lease term is up comes with some hefty payments including a termination fee and the remaining depreciation value. This amount typically resides in the thousands. While it will rid you of the contract, you will still be stuck with a large bill at the end. 

Avoiding future payments

This is the cream of the crop when it comes to bad options and should be avoided at all costs. Ceasing payments can have a detrimental impact on your credit and overall financial state. This is typically referred to as defaulting on the payments. This can be done by cancelling the card utilized to pay the lease or not having sufficient funds to pay on a consistent basis. Not only can this option put a huge toll on your credit and financial state, but it can also be grounds for legal action. Leasing companies have the option to sue should you be in arrears with payments. It’s best to avoid this at all costs and opt for an option that won’t put you in a sticky situation down the road. 

 

Terminating a lease early may be done for a variety of reasons, but before you go through the expensive process of doing so, make sure you weigh out your options. Doing so can help you avoid hefty fines and lump-sum payments.

Looking to make the switch from leasing to owning? Our Dealer Invoice Report can save you some serious money on your next purchase – no hefty fees here!

Go Electric in These Modern, Eco-Friendly Rides!

Going electric – what seemed like only a mere dream a decade ago is now a reality we can all take part in. Electric vehicles are so prevalent on Canadian roads, it’s hard NOT to spot one. Why are electric vehicles all the rage all of a sudden? It’s no surprise that electric vehicles are beneficial to the planet, however, most consumers are unaware that they are beneficial when it comes to the checkbook as well. The cost of “charging is significantly lower than the cost of filling up a tank and with copious amounts of rebates offered, the ability to save money is highly present.

 

Electric cars are a great option for commuters with varying budgets and needs. No two electric vehicles are the same. If you’re considering an EV, here are the best new car deals Canada has to offer:

 

Nissan Leaf

 

If you’re looking for something compact, functional, and affordable, the Leaf has it ALL. The new and improved Nissan Leaf has a range of 242 km on a single charge, making it a great option if you like to take those long, summer cruises. The Leaf is also a compact vehicle, making it easy to navigate the city and find parking spots in even the smallest of places. Its hp sits just under 150. While speed isn’t it’s forte, it makes up for it with its safety and longevity. The Leaf starts just over $35,000 for the base model, making it an affordable option in the EV world.

 

Go for it if: you are looking for a functional EV that can go the distance

 

Move on if: you want a faster, sportier vehicle

 

Smart Fortwo

 

Owning a large car with ample seating is grounds for you becoming the taxi service for your friends and family. One day you’re dropping a friend off down the street, the next day you’re dropping your co-workers off 30km away. How can you solve that issue? A Smart Car! The Smart Fortwo is a two-seater vehicle with limited space. In 2018, the Fortwo went fully electric in North America. The range may be limited, at 155km on a single charge, but another excuse for not having to drop people off around the city! The Smart Fortwo is an excellent option for city drivers, especially those in cities such as Toronto or Vancouver City where traffic is heavy a majority of the time. If parking isn’t your specialty, this vehicle will make it a breeze!

Go for it if: you are tired of being the chauffeur for everyone 

 

Move on if: you want to buy more than two bags worth of groceries – this EV has very limited cargo space 

 

Jaguar I-PACE

 

Luxury, comfort, space, power – the best way to describe the Jaguar I-PACE. This luxury class vehicle has a spacious interior and a sleek exterior. From family road trips to city cruising, the I-PACE can do it all. When we said power, we weren’t kidding – the I-PACE has 394 hp and can go from 0-100km/h in 4.8 seconds. The hp isn’t the only impressive stat this vehicle has to offer. The I-PACE has a range of 386km on a single charge, making it a great road trip ride! All these impressive stats, however, come with a hefty price tag. The Jaguar I-PACE starts at just over $89,000. What it lacks in affordability, it certainly makes up for in power, space, and style.

 

Go for it if: you are looking for a spacious EV with a sporty feel to it

 

Move on if: you don’t want to fork over (at least) $90k for a car

 

Kia Soul EV

 

Want a vehicle with space but don’t want to spend an arm and a leg? The Kia Soul EV is here to save the day! It may be classed as a compact vehicle, but it certainly has a lot of room! The Kia Soul EV also has a very unique look to it, perfect if you want to stand out on the roads. With a range of 179km on a single charge, the Soul EV is perfect for city commuters. The output of the vehicle does pale in comparison to the other models mentioned, at 109hp, however, the higher end models go as high as 201 hp. The Soul starts at just under $43,000 dollars and with all its new aged features, it’s well worth!

 

Go for it if: you are a city commuter who doesn’t spend a ton of time driving

 

Move on if: you want an all-wheel-drive vehicle – the Soul EV only comes in front-wheel-drive currently

 

BMW i3

 

There’s no denying, German engineering is top-tier and they continued to bring that quality with the i3. The i3 is the fully electric sister to the BMW i8 which is a hybrid. Compared to the i8, it is also a fraction of the price, starting just under $45,000. The i3 has a range of 200km, making it a great ride for daily commuters. Just like the non-electric BMWs, the i3 has a touch of class on every inch of it, with a sleek and modern interior and unique exterior. Canadian drives, however, must take note of the fact that the i3 only comes as a rear-wheel-drive option currently. While this does make it a more powerful sports vehicle, it can be a little difficult to navigate in the winter. With that being said, it hits the standards of all BMWs in that it is a fun, thrilling vehicle.

 

Go for it if: you want a luxury vehicle at an economical price

 

Move on if: you do a lot of driving in the winter – RWD is not ideal for harsh conditions

 

With the EV market growing, more and more manufacturers are hopping on board creating their own electric or hybrid models. It once seemed that the only electric vehicle on the market was Tesla, however, nowadays, the options are superfluous and EVs are becoming more and more affordable for the everyday driver.

 

Looking to make the switch to electric? Get your FREE Dealer Invoice Report today and save big on your EV purchase!

Incentives, Incentives, Incentives: Which Ones Do I Qualify For?

When it comes to any transaction, saving money is a big win. From saving a couple of bucks on a burger to saving thousands on a new car, any opportunity to save money should be seized. Purchasing a vehicle is quite significant and next to purchasing a home, is one of the largest transaction one will make in their lifetime. Because of this, many scramble to find ways to knock some dollars off of the cost of their vehicle.

One surefire way to save big on your next new vehicle purchase is to utilize a Dealer Invoice Report. The report generates the dealer invoice price of the car you want which is usually quite less than the market price. The report also offers various incentives Canadians can utilize to save even more money on their purchase. When it comes to incentives, there are various different types. It’s important to have strong knowledge of the various incentives to see whether or not you qualify for the savings they offer.

 

Financing Incentives

The most popular method of purchasing a car is financing. Financing allows you to pay for the total cost of the vehicle over a selected term. Unlike a lease, when the term is up, you get to keep the vehicle. Many people opt for this method of payment because it offers flexibility and ownership simultaneously. With financing, there is an interest fee which is added to the total cost of the vehicle and distributed throughout the weekly, bi-weekly, or monthly installments. The interest rate depends on one’s credit score.

Financing incentives drive the interest rate down, either for the entire term or for a select portion of it. Many automakers offer 0% financing for the first few months or year. For that length of time, there is no added interest fee to your payments. Other financing incentives offer low-interest rates, typically under 5% for up to 72 months. To qualify for these incentives, you must have good-excellent credit. If your credit is in good standing, it is worth looking into saving on that added interest fee!

 

Pay-In-Full Incentives

When it comes to new car purchases, paying in full is the least utilized method. Paying in full requires an entire lump sum being paid all at once, and if one is able to do so, they can avoid monthly payments and the debt amassed from financing/leasing. When it comes to financing, there is also minimal payment required since there is no need to prove whether or not you can make payments.

Many automakers offer significant savings in the form of incentives for those who choose to purchase a vehicle outright. The savings are typically quite high because the dealer is guaranteed to make a commission off of the sale since payment is made upfront. If you are able to purchase a vehicle in full, make sure you check out what incentives are available for you!

 

Bonus Cash Incentives

These incentives are not as heavily advertised as others, however, they can help select individuals save a good portion of money on their new vehicle purchase. These incentives are typically available for military personnel, students, recent college graduates, employees, or affiliates. They are put in place to help certain niches knock off some cash on their purchase. The Dealer Invoice Report includes bonus cash incentives within. If you qualify, let your dealer know so you can nab the deal.

 

Cash-Back Incentives

These are deemed to be one of the most popular and well-advertised incentives on the market. What do these rebates entail? Automakers offer cash back rebates to the consumer if they purchase their new vehicle by a certain date. Rebates typically fall anywhere between $500-$5000, however, this doesn’t mean you are handed over a huge cheque when you finalize your purchase. The cash back is typically rolled over to your payments and will knock money off throughout the term of your payment, equaling the total amount of the incentive. Similar to financing incentives, these are put in place to lower weekly, bi-weekly, and monthly costs.

When it comes to purchasing a new vehicle, there is a surplus of incentives on the market. Some are made obvious by the automaker and/or dealer and some require a little more research to come across. The Dealer Invoice Report comprises incentives relative to the dealer, automaker, or your own situation to make the process of saving money that much easier. Cashing in on these incentives is worthwhile if you are looking to save money on your new vehicle!

 

Looking for even more ways to save money on your next new vehicle purchase? Get your FREE Dealer Invoice Report and discover all the savings available for you!

Is a New Car in Your Budget? Here’s How You Can Determine Just That!

We all imagine driving around is a super fancy car without a care in the world. However, for most of us, there are bills that need to be paid and budgets that need to be adhered to. While you may be able to afford the supercar you want, it’s important to make sure it doesn’t consume a massive portion of your entire income. Breaking down your current financial state and the cost of the vehicle you want will help you determine if it is a plausible purchase. Affordability is a huge proponent in knowing how to buy a new car in Canada.

 

Determine whether or not you actually NEED a new car

Is your current car running perfectly fine? Are you just looking for a cool new upgrade? Is public transportation readily available for your daily commutes? If you answered yes to any of these, you may need to consider whether or not you NEED a new car or you simply WANT a new car. We all want the newest things that come to market, but there is a huge difference between wanting and needing. If there is no need for a new vehicle right at this moment, it may be best to hold off. There is no point in adding extra debt or a massive cost when there is no requirement to do so. If your desire for a new vehicle is burning, looking for ways to save money on your purchase, such as a Dealer Invoice Report, can help justify your purchase and shrink the overall cost.

 

Break down your current monthly costs and income

If you are looking to finance or lease, it’s important to know whether or not there is wiggle room for extra monthly payments. Car payments typically last anywhere from 2-7 years, ergo, you have to ensure you can be financially committed for a lengthy period of time. Before diving into a new financial commitment, assess your current situation in regards to other monthly payments and your overall income. If the cost of leasing/financing come well over your income or if you have JUST enough wiggle room, consider a more cost-efficient vehicle or holding off altogether. The last thing you want is to have no financial freedom for years on end.

 

Your current credit score

If you are planning on purchasing your vehicle outright, you don’t have to worry about your credit score when it comes to the purchase. If you are financing or leasing, however, your credit plays a critical role in determining if you can purchase a vehicle and the monthly costs associated with it. Your credit score will help the lender determine your ability to pay back any loans. If your credit history reveals revolving or missed payments that have jeopardized your credit score, the lender may a) deny your loan or b) increase your interest payments. Typical interest payments for those with good standing credit are around 5% or less. The lower your credit score, the higher they become. For example, if your credit score is in the 500-600 range, you can see interest payments upwards of 19-29%.

Added interest costs pertaining to low/no credit can easily add up to an extra couple hundred dollars a month. If your credit score is causing leaders to astronomically increase the interest rates pertaining to the vehicle you wish to purchase, it’s best to hold off and build up your credit in the meantime.

 

Will you be putting down a down payment?

Putting a payment down will decrease the monthly payments of your finance/lease term. The larger the down payment, the lower the monthly costs become. While this will entice people to put down a larger down payment, it’s important to determine just what kind of down payment can realistically be paid. If you have a strict monthly budget but have accumulated some savings for your new vehicle, it may be best to put down a larger monthly payment. On the flip side, if you don’t have as much capital, a smaller down payment can still decrease your monthly payments. It’s also important to note that you can make lump sum payments at any time within your payment term that can decrease monthly payments down the road.

When it comes to purchasing your new vehicle, it’s best to be realistic and choose something that you love that is still within your budget. Our Dealer Invoice Report can help you save thousands on a vehicle purchase and may give you the wiggle room you need to purchase the vehicle of your dreams. Overall, it’s important to assess your current financial state and your ability to afford a new vehicle prior to jumping on such a massive purchase.

 

Found the car of your dreams but looking to cut back on the cost? Get your FREE Dealer Invoice Report today and save big on your next new vehicle purchase!

Ready to Buy Your New Car: Here’s What You Need to Bring to the Dealer!

The research process when it comes to looking for a new vehicle to purchase can be quite lengthy so when the day comes when you are finally ready to make the big purchase, it can be very exciting! Days, weeks, or even months have led you to this point and there is nothing you want more than to get the keys to your new ride and drive off. Of course, this can only be done so if you have all your paperwork and necessary requirements readily available. It’s important to understand what fees are associated with buying a car and what you need to bring with you to the dealer to ensure you can drive away the same day.

Preparing what you need ahead of time can help ensure you don’t miss anything come the day of purchase. There are a few very essential items/documents you need to bring with you in order to complete your vehicle purchase.

 

Driver’s license: This may seem like a given, but you would be surprised how many people forget it. When purchasing a new vehicle, many people find alternative ways to get to the dealership; Uber, public transportation, ride-sharing, etc. Because of this, some forget to bring their license with them. Your driver’s license is important for confirming and verifying your identity when purchasing your vehicle. If you plan on driving your car off the lot, the dealership will not allow you to do so without a proper license on you. If you forget it and plan on driving your new ride home, you will either have to arrange for another day, arrange for vehicle delivery, or get someone to come pick it up for you.

Proof of Insurance: Just like a driver’s license, you cannot legally operate a vehicle without insurance in Canada. Dealers need to see proof that you have taken out a policy on the new vehicle before allowing you to drive it off of the lot. If you have recently purchased a policy and don’t have the slip yet, providing a printed copy will suffice. Without proof of insurance, you will not be allowed to drive your new car off the lot.

Employment/Credit Information: Typically, dealers will run a credit report for you, however, it’s good to have a report handy with you as well as your credit card. Some dealers may require employment information if they need to verify you can, in fact, pay for the vehicle. If any issues arise with your credit information or you don’t have the required back up information, this may delay the entire car buying process.

Form of payment: Whether you are purchasing your vehicle outright, leasing, or financing, you need to bring some form of payment. If you are purchasing outright, you need to present either a cheque, bank card or credit card that will cover the entire cost. When it comes to financing/leasing, payment is required for your down payment. If you are not putting a down payment down, it is still vital to bring your payment method. This is so the dealer can register the monthly payments to either your bank or credit card. Without this, they will not be able to bill you for your payments monthly, ergo, they will not let you drive off the lot until they are 100% they have a method of taking payments from you.

Dealer Invoice Report: Our Dealer Invoice Report can save you thousands on your new vehicle purchase and many dealers gladly accept the report. Ensure you have it printed out or have a digital copy readily available to show to the dealer. The report can help you knock off some serious dollars on your whole purchase or finance/lease payments. If you do forget it, you could be foregoing a plethora of savings.

 

What fees are associated with buying a new car?

There are a few required fees you must pay before completing your vehicle purchase. It’s imperative that you are aware of these fees so you are not hit with any surprises at the dealership.

 

New plate costs: A front and back plate are legally required when operating a vehicle. These need to be paid for prior to purchasing your vehicle so the dealership can ensure your vehicle is legally fit for the road. If you have a previous vehicle and you want to take the plates off and transfer to your new vehicle, you can do so and the dealer will waive this fee. If you want entirely new plates, however, you will have to purchase them at an extra cost of $60-120 depending on your place of residence (prices will differ for personalized plates and commercial vehicles).

Delivery fees: If you plan on having your vehicle delivered to you, it may cost you a little extra. Depending on the distance from the dealership to your home, the dealership may charge you a delivery fee. You can, however, find dealers who waive this fee for you.

Loan payment fees: When financing or leasing a vehicle, you are given an exact amount that will be billed to your credit card/bank weekly, bi-weekly, or monthly. It’s important to keep an eye out on these payments and ensure they match up to what original cost was given to you. If you see the payments that are coming out are slightly higher than initially agreed upon, it may be due to loan payment fees. Some automakers will add this fee on to car buyers monthly payments, usually around $10-$20 extra per month. It’s important to fully read your payment terms and conditions so you are not hit with any unwanted surprises when your payments come out. Not all automakers/dealers will charge a loan payment fee, so it’s essential to research which ones will waive it.

 

Making sure you have all the necessary documents and paperwork ready with you on the day of your purchase can help the process run smoothly and will allow you to drive off with your vehicle the same day. Doing so will also prepare you so you don’t run into any unwanted surprises.

Ready to purchase your new vehicle? Let us help you with the process! Contact us today for your FREE Dealer Invoice Report and drive away in style with some cash in your wallet to spare!