Buying a Car? Breeze Through That Test Drive the RIGHT Way!

You’re in the market for a new car!

There’s nothing quite as exciting as checking out all the makes and models, narrowing down your list and test driving those final few. As fun as this is, there are certain hitches throughout the process that can trip you up, especially when it comes to that tricky test drive. 

In this article, we navigate you through this elusive art, and also explain why it’s so so SO important to familiarize yourself with the car’s dealer invoice price in Canada before putting down your money.  

A dealer invoice report breaks down the MSRP (how much the dealer paid to own the vehicle), factory incentives, financing options, and more! So for example, if you’re curious about the BMW series 8 dealer price in Canada, a dealer invoice report is your secret weapon to making the negotiations process simpler. 

Without further ado, let’s delve into the different techniques to adopt when test driving your dream car. 

Research, Research, Research

We urge you to read reviews from people who’ve test-driven the same model before, get a dealer invoice report and effectively narrow down your top picks. The last thing you want to do is test drive more cars than you need to. 

Create a checklist that meets your main criteria. When you do your homework, it’s much easier to identify the things you want and don’t want in the car and by default, it becomes easier to identify the things you like or dislike during the drive!

Bring a Buddy

Granted, you may not be a car savant, and that’s okay. Bring along a family member or friend. Even if they’re not as savvy themselves, that extra pair of eyes elevates the chances of noticing something that you may not. 

Plus, they can provide valuable feedback as to what it’s like to ride as a passenger in the vehicle. Inexperienced buyers greatly benefit from bringing someone along as there are many potential concerns that crop up during your negotiations with the dealer that call for added support. 

Inspect the Vehicle

Yes, looks matter! Conducting a visual inspection is as important as getting behind the wheel and giving the car a whirl. What to look for?

  • Make sure the size is optimal, and that the car will easily fit into your garage; break out the measuring tape if you must!
  • Inspect the cargo space and glove compartment; too much or too little will be a problem later on.
  • How about that legroom? The interior space should be sufficient for the driver and front and back seat passengers. 
  • Adjust the seats to see if this can be done quickly and comfortably. 
  • Try out the Bluetooth, GPS and radio to make sure there are no glitches. 
  • Experiment with the buttons and knobs to ensure that everything is accessible and intuitive to use.

Get a Dealer Invoice Report

Now you may be wondering; how is a dealer invoice report vital to my test drive? As it turns out, this handy report is vital to not just your test drive but the entire buying process. Allow us to explain. 

When you select a make and model and request your free report, you will immediately gain access to the following information;

  • 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

With this information, you can access certified recommended dealerships and the negotiation process then becomes a breeze. 

A majority of dealerships make a profit of 8.7% on selling a new vehicle. When you know the MSRP, follow the 3-5% rule – add 3-5% on the invoice figure in your report to calculate the most lucrative negotiation price!

Test driving is nothing by itself if you don’t get a good price without breaking your budget, right? Right! That’s why we encourage you to get a free report today – no matter the make and model you have in mind, we got you covered. 

We’re here to help. Request your free dealer report right now.

Buying a New Car as a College Student? Here’s How to Stay Within Budget!

College is an exciting and challenging time. Between 7 am classes, tons of homework and, whew, student loans, you have a lot of your plate. But now you’ve decided to invest in a new car so you can travel faster and more conveniently. That’s great news! Naturally, you want something that stays well within budget.

Buying a new car is a phenomenal experience. Well, actually, owning a new car is a phenomenal experience. Buying one? Not as much. 

We understand that you’re super new to this and need a little help. If you’re curious about, say, the price of a Honda, Car Cost Canada has got your back! This article helps you simplify the negotiation and reveals how you can find out the invoice price on your new car in Canada in a matter of minutes!

Like most new car buyers, you might be wondering; just what is the invoice price of a car? The invoice price or dealer cost is the sum of money paid by the dealership to gain ownership of the car. It includes the cost of the base model and all add-ons. The figure is typically much lower than the advertised figures, the latter of which is referred to as the MSRP (Manufacturer’s Suggested Retail Price).

When you shop smart and get a car dealer invoice report, you can skip the MSRP and pay a much lower fee.

Check the Age of the Car

When shopping around for a new ride, go for a model that’s less than 8 years old.  You’ll need a car that has easily available parts that do not call for frequent replacements. 

When you approach the dealers, make sure you have someone with you who is experienced in purchasing cars. Certain salespersons might deceive new buyers about the state of the motor vehicles. 

By taking an experienced person with you, you’re enhancing your bargaining power and the likelihood of getting the best value for your money. 

Set the Ground Rules

Do your research on the car you have in mind before you set foot into the dealership. Instead of dropping by the dealers and letting the salesperson sway your opinion, tell them you already have a vehicle selected. Convey the trim level and add-ons that you wish to invest in, keeping in mind the price for that configuration. 

When the salesperson senses you’re a novice who doesn’t have a specific model and trim level in mind, they’ll pull out all the stops to get you to invest in expensive and unnecessary add-ons. 

Reassure them that both parties are emerging from a mutually beneficial deal, and ask if they’re willing to match your target price. If not, don’t be afraid to tell them that you’d prefer to go to another dealership. When they see you’re willing to let the deal fall through, they are all the more likely to be open to reason. 

Purchase At the End of the Month

Business slows down at the end of the month and most salespersons are looking to make one final sale. It stands to reason that they’re more amenable and willing to be open to your negotiation tactics. If you want to go one better, try buying your car at the end of a quarter – March, June, September or December. This will help you save even further. 

We suggest shopping for the car early in the month and actually buying it much later, meaning get the test drive done early and narrow the list when the month is closing up shop. 

Access Great Rebates With a Free Car Dealer Invoice Report

A dealer invoice report is honestly every college student’s best friend when car shopping. This report is meant to provide a breakdown of all fees, including the hidden car fees that most people aren’t aware of. That way, you will know exactly how much you’re paying for that trim level and how to negotiate smartly. 

Your report will reveal;

  • MSRP (Manufacturer’s Suggested Retail Price – what the dealer paid to own the car)
  • Factory incentives and rebates
  • 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. 

 

At Car Cost Canada, you can have your cake and eat it too. Get a great car at your dream price. 

Your report is ready and waiting! Get it here. 

Ditching Fuel For an Electric Car? 5 Reasons Why That May Be Your Best Idea Yet!

Is it finally time for you to own an electric vehicle? 

In the electric automobile industry, there are so many cars debuting each year. Many of these come with affordable price tags and extended operating ranges, making your buying decision both easier and harder simultaneously. 

So if you’re thinking about an electric car, do read on. Also, we have a great surprise at the end. If you’re wondering, say, what the cost of a BMW electric car in Canada is, we can do you one better! Not only will we show you how to know the full MSRP, but also how you can get amazing rebates and incentives. Read on!

What is an electric car and how does it work? All-electric cars have an electric motor in place of an internal combustion engine. The car relies on a large traction battery pack for power and it must be plugged into a charging station or wall outlet to recharge. 

Granted, these still occupy a razor-thin percentage of the overall automobile industry, but they’re picking up traction very quickly! And with the dearth of renewable fuel sources, there might come a time when all owners switch to EVs!

The debate between electric cars vs gas cars has been on for quite some time. In this article, we explore the pros of shopping for an EV in 2019. 

  1. So Many Amazing Options

You’d be surprised to learn that, in 2019 alone (so far!), 17 new EVs and crossovers have been launched. For the budget-minded shopper, these start as low as $23,900. A large portion of them are within the $30,000 range which, let’s face it, is the average cost of a new car these days. 

Which new models have debuted this year? Say hello to the Audi e-tron, Jaguar i-Pace, Hyundai Kona Electric, Kia Niro Electric and the Nissan Leaf Plus. When talking electric, Tesla is never far behind. This year, the auto giant released the Model 3, priced at $35,000 for the entry-level trim.

  1. EV Resale Values Are Quite Impressive

Conventionally, people have found that EVs have abysmal resale values. That’s about to change. Models like the Chevrolet Bolt EV, Tesla Model 3 and Jaguar I-Pace can all run for over 200 miles at a time and are anticipated to hold a much sturdier 3-year resale value. In fact, the Tesla Model 3 is expected to retain about 64% of its value after 36 months. 

  1. Electricity is More Affordable Than Gasoline

This one’s a given. Gas prices are soaring and more and more people are finding that it’s cheaper to own and run an EV. For instance, the Hyundai Ioniq Electric is expected to cost the owner about $500 a year to run for 15,000 miles! This means that those who opt for this car will pay approx $4,200 less in fuel costs over a 5-year period as opposed to someone who owns a gasoline run vehicle.

  1. No Tailpipe Emissions

EV batteries do not spew smog-forming pollutants like an internal combustion engine does. Imagine the good you’d be doing for the environment! Now the overall impact on the environment does depend on how the electricity is locally sourced. But overall, these produce way less pollution than traditional cars. 

  1. Maintenance Costs Take a Nosedive

No more oil changes or tune-ups That sounds good, doesn’t it? In fact, because there are just a handful of moving parts, the less chance of things failing or needing replacement in an EV. Electric cars use a one-speed transmission and avoid components like valves, spark plugs, clutches, catalytic converters, etc. Thus, you will only need to get the brake pads serviced every once in a while. 

Want the Best Deal on Your New Electric Vehicle?

Car Cost Canada can help! 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 the MSRP of any car (how much the dealer actually paid to own it). 

Negotiating for a great deal is so much simpler. 

Get your FREE report right here!

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. 

 

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!

Hopes Surge For Tesla Enthusiasts As Electric Vehicle Incentives Become More Prevalent

Ever asked a Tesla owner what it feels like to own one? Being insanely happy and satisfied with their car is what a true Tesla aficionado would say.

To own a brand like Tesla gives some people a sense of thrill and for others is an eco-friendly option coupled with a sense of luxury and accomplishment. Canadians are no different! Tesla as a brand has managed to generate high levels of awareness and consideration amongst Canadian car enthusiasts. And, it is interesting to see how the excitement unravels for electric cars like these in the market with time.

Which brings us to good news for all Tesla fans. Buying electric cars is now going to be cheaper, thanks to the Canadian Government for the decision to boost electric vehicles on the road by covering them under incentive programs. This program includes a range of electric vehicles and not to forget – the Tesla Model 3. If you are eyeing the Model 3 for long and researching the new car deals in Canada, now is the time to invest in one.

 

Why are electric vehicles incentivized in Canada?

The plan to incentivize is a result of the governments’ aim to encourage Canadians to support practical, affordable, and eco-friendly solutions to face the issues associated with climate change effectively. It is an important milestone for the Government to initiate a solution in this direction that will help to reduce the amount of greenhouse gas emissions due to transportation

With this program, consumers will be entitled to a number of buying/leasing incentives depending on the eligible car make. And amongst the list of electric vehicles and plug-in hybrids, Tesla Model 3 is one of them.

 

What does it mean for current and potential Tesla owners?

According to the electric vehicle category, individuals purchasing an EV with a base MSRP under $45,000 will be entitled to receive a $5,000 rebate. Towards this, the following Model 3 configurations qualify for this federal incentive:

  • 2019 Model 3 Standard Range with the qualifying MSRP before centre fees and EV savings: $44,999
  • 2019 Model Standard Range Plus with the qualifying MSRP before centre fees and EV savings: $53,700

These incentives come in addition to the current $8,000 and $5,000 incentives offered in Quebec and British Columbia, respectively.

So, if you are planning to buy an electric car this summer, now is the best time to catch hold of the Tesla Model 3. Not only does it comes with the government-backed benefits now but this in-demand vehicle comes with all the features every Tesla lover would desire with the addition of a lower price tag.

 

How will a Tesla customer receive this incentive?

Such purchase incentives will be exclusively applied at point-of-sale – dealerships or online for one purchased or leased after May 1, 2019. For this, the dealership will be responsible for ensuring that the documentation is in place for you in order to obtain the benefit.

 

What makes Tesla so attractive to buyers?

  • The first and foremost reason why Tesla is the car everyone longs for is due to the embodiment of modern design and aesthetics backed with high technology features that can be updated via a simple software update just like a smartphone.
  • Tesla models have shifted focus to affordability and this will continue over the years to come.
  • They are one of the simplest cars to operate with almost no noise
  • They can reach high speeds in a matter of a few seconds, making them a head-on competitor for most luxury sports cars in the market.

Buying an electronic vehicle, such as a Tesla can be a very tough decision to make. The initial price may sway people, however, it’s an investment you will get your money’s worth from. Finding the right dealer, the best price, and the add-on incentives is essential to the buying process.

 

Car Dealer Invoice Reports: Finding You The Best Tesla Deals

Buying a Tesla is itself an experience worth participating in. To add on to this, a dealer invoice report breaks down the essentials you need to know before opting in for this experience and ensures that it is a memorable one by:

  • Choosing the best deal for you through a granular price comparison between different makes and similar electric vehicles
  • Breaking down the financials and leasing options that will best suit your requirements
  • Providing information related to the advertised as well as non-advertised incentives that you might be eligible for
  • Recommending you a partner Tesla store provider in order to deliver the promise of high quality and maintenance services

 

Get the best buying advice, pricing guidance and know more about the special incentives for your next Tesla Model 3 with a CarCostCanada report.

Out With The Old, In With The New: How Buying a NEW Vehicle Can Benefit You!

“Should I buy new or used?”

 

The age-old question when it comes to purchasing a vehicle. While there is no right or wrong answer as it comes down to every individual’s unique situation and needs, a vehicle is one of the largest assets one purchases, ergo, vast research is required prior to setting your heart on a car. While used vehicles boast lower initial costs, new vehicles come with various benefits that can actually save you money in the long run. Whether you are in the market for your very first car or looking to ditch your current vehicle for something new, buying a new vehicle can benefit you in more ways than one.  Although new vehicles are more expensive initially, they provide a great payoff for your driving needs and with our Dealer Invoice Report, you can save big on the cost of a brand new vehicle!

With that being said, what are the perks of buying a brand new vehicle?

 

No hidden issues, all new parts

 

When purchasing a new vehicle, you are the first owner meaning that no wear and tear has been done to the interior or exterior of the vehicle prior to you driving it. All the parts are brand new and thoroughly inspected by the manufacturer and the dealer, in sum, what you see is exactly what you get. Whilst most used vehicles pass safety standards and are in relatively good condition, there can be hidden issues that a previous driver didn’t disclose which could lead to issues soon down the road.

 

Being the first driver of a vehicle gives you peace of mind knowing that there are no hidden issues in regards to the performance and quality of the vehicle and all of its parts.

 

More bang for your buck?

 

When comparing new vehicles to used vehicles, it’s appropriate to assume that purchasing a used vehicle is the cheaper route, however, that is not the case in every situation. Piggybacking on the aforementioned point, new vehicles = new parts which means that the chances of issues arising are less than that of a vehicle with older, used parts. How does that translate to fewer costs? Simple – fewer trips to the mechanics.

 

Another way a new vehicle can actually incur fewer costs over time is in relevance to fuel economy. Over time, a vehicles fuel economy will decrease. You may notice that after a few years, your tank isn’t getting you quite as far as it used to. With that being said, a new vehicle will boast it’s optimal fuel economy, whereas a used vehicle may have dropped a few percentiles from its initial fuel abilities.

 

Still on the topic of costs, insurance is another key component to note and an extremely important one as everyone is required, by law, to possess auto insurance. Your insurance costs are contingent on a number of factors including; age, location, license class, current safety of vehicle model, and driver/accident history. A vehicle that has been involved in a motor vehicle accident previously may impact your premiums if you plan on purchasing it, regardless of the fact that the accident had no correlation to you. As the first owner of a new vehicle, you can rightly assume that there were no prior accidents that could cause your monthly rates to soar!

 

Out with the old, in with the new

 

There comes a time where we may have to make a decision to part ways with our beloved vehicle and while the thought of purchasing a new vehicle thereafter is exciting, there is one thing you have to deal with first – the old car. Whilst some keep their current vehicles, utilizing them as certain season vehicles or perhaps handing them down to a relative, others want to allocate funds from said vehicle towards the purchase of a new vehicle. It’s no secret that vehicles depreciate over time, even those that are well-maintained. With that being said, it’s important to keep in mind how long you plan on having your vehicle. If you purchase a 2019 vehicle and plan to sell it in 5 years, you will get a significantly higher offer or trade-in value than that of a car 5 years it’s senior. Whilst most people aren’t thinking about their next vehicle while in the process of purchasing a new vehicle, it’s important to keep in mind the value of the vehicle down the road, should you want to sell or trade-in.

 

Features, features, features

 

Infotainment system, back-up camera, heated seats, heated steering, navigation, park assist, lane departure warning – the list of features available in new vehicles goes on and on! Albeit, these features come down to personal preference; some prefer a simpler vehicle whilst others want all the features included. Most new vehicles come equipt with an array of features, even the base models. These features are included in the cost of the vehicle.

 

Whilst there are older vehicles that have some of the aforementioned features, such as heated seats, they typically do not possess the more technically advanced features. Should you purchase a used vehicle and decide down the road you do want these features, adding them on can be costly! If you want a vehicle loaded with features, a new car is the best route to take.

 

Choosing between a new or used vehicle comes down to the factors listed and personal preference/needs. Although new vehicles boast a plethora of benefits in a majority of situations, used cars can be a great option if;

 

  • You are a first-time driver, not 100% confident in your driving abilities
  • You are looking for a classic/specific model/make
  • You are looking to heavily modify the vehicle (a fixer-upper)

 

It’s important to do a good level of research prior to making a purchase to ensure you get the right vehicle for your individual needs.

 

Ready to get behind the wheel of a brand new vehicle? Contact us today and we will help you save thousands on your new ride!

Lease? Finance? Buy Outright? What’s the Best Way for ME to Buy a Car?

A vehicle is one of the largest purchases one makes, ergo, a significant amount of research should go into every aspect. From the make/model you have your heart set on to interior features to the total price of the vehicle; there are many factors that contribute to building, pricing, and purchasing the best vehicle for your needs. Because vehicles are a large investment, dealers, and banks alike, offer various payment options to suit your lifestyle. Leasing, financing, or purchasing a vehicle outright are the methods offered by the dealers when it comes to payment. Figuring out how you want to proceed with pricing will help you get that much further in purchasing your desired vehicle. Our Dealer Invoice Report can also help you ensure that, no matter what payment method you choose, you are getting the best deal on a new vehicle that Canada has to offer!

 

What are the differences between leasing, financing, and purchasing a vehicle outright?

 

All of these methods vary significantly to help suit the needs of as many individuals as possible. The key differences pertain to ownership of the vehicle and term payments.

 

Financing; albeit, the most popular means of paying for a vehicle, financing offers a good level of flexibility. Financing encompasses paying for the total price of the vehicle in denominations over a selected term. By the end of the financing term, you have complete ownership of the vehicle.

 

Leasing; leasing is a popular option for those who like to upgrade their vehicles frequently and aren’t doing copious amounts of driving. Similar to financing, leasing requires weekly, bi-weekly or monthly payments owing to the balance of the total lease. The main difference between financing and leasing is ownership; when leasing, you do not own the vehicle.

 

Buying outright; buying a vehicle outright is not as common as leasing or financing and is typically done when the cost or age of the vehicle does not meet the requirements of leasing/financing (more specifically, used vehicles). Although purchasing a brand new vehicle outright is not done as much as financing or leasing, it is the easiest method of payment as a surfeit of background checks (credit, employment, etc) are usually not required.

 

Is it a good idea to buy a car on finance?

 

As mentioned previously, financing is the most popular method of purchasing a vehicle. Financing a vehicle possesses the best attributes of leasing and buying outright, simultaneously; owning the vehicle whilst being able to pay in smaller sums. If you are planning on keeping your vehicle long-term, do a significant amount of driving, and don’t have the cash to pay in full (or the desire to part with such a hefty amount of money in one shot), financing is a viable option for you. Financing a vehicle also allows for more leeway when adding features to your vehicle. For example, if you wanted to add a sunroof to your vehicle, it could run you anywhere from $500-$2,000, however, when financing, you can discuss adding this feature to your vehicle at the time of purchase and break apart the cost. Instead of paying thousands outright, the cost of the upgrade is spread across your term, ergo, your sunroof will cost you a few extra bucks a month.

 

It’s important to note that financing comes with an interest rate contingent on your credit score, thus, you will be paying more for the vehicle that you would if you were buying outright. If you have excellent credit, expect interest rates to be on the lower, however, if you have poor or no credit, you could be paying upwards of 30%. It’s important to review your score to see what interest rate category you fall into. Our Dealer Invoice Report also aids with financing to help you get the lowest interest rate possible for your individual situation.

 

How does financing work? Financing can be a relatively easy process provided you have all the key information you need. The dealer will show you various payment terms based on the vehicle of your choice; the longer the term, the lower the weekly, bi-weekly, or monthly payments and vice versa. A typical term is 5 years or 60 months, but can be shorter or longer depending on your financial state and the year/make of the vehicle. The dealer will then require your financial information (credit score, credit history, letter of employment) and determine your interest rate based on these factors. Once the term, payments, and interest rates are worked out, you can opt to add any upgrades. When you obtain the vehicle, you are required to make your payments until the term is over, however, at any point, you can contribute money to lessen the term period or monthly payments. Giving a down payment can also lessen the monthly payments.

 

Pros

  • Payment terms and prices are flexible; you can opt for a longer term with cheaper payments or a shorter term with higher payments depending on your preference
  • Allows you to get a higher priced vehicle, if desired, without having to fork out a lump sum of cash
  • Upgrades can be added for low monthly payments

 

Cons

  • You are locked into a contract and failure to pay could lead to the loss of your vehicle
  • Loans typically come from the bank, meaning you are taking on a debt
  • The interest rate is added onto the full cost of the vehicle, depending on your credit score, it could amount to a significant increase in cost

 

Is it a good idea to lease a car?

 

Leasing is not as popular as financing a vehicle, but it does pose a lot of benefits. Similar to financing, leasing requires weekly, bi-weekly, or monthly payment for a fixed term, however, you are not the owner of the vehicle. You will be required to turn over the vehicle at the end of the lease or in some cases, the dealer may offer incentives for purchasing it post-lease. Leasing is a viable option for those who like to upgrade vehicles frequently as you are not fully committed to the vehicle. Most people lease for a 1-3 year period and upgrade thereafter.

 

If you are a city dweller and don’t typically do a lot of driving, leasing is a good option to consider. When leasing a vehicle, you are given a set amount of kilometres per year (extra charges apply should you go over) – if you do a small amount of driving, this shouldn’t be an issue. If there are any problems with the vehicle, they are typically covered by the dealer leasing you the vehicle (restrictions apply).

 

How does leasing work? Just like financing, the dealer works with you to find a term and payment plan based on your financial state and your desired vehicle. The cost is calculated based on the time frame and predictive depreciation of the vehicle; for example, if your lease term is 3 years and the car is expected to depreciate by 30% over the next 3 years, you will be paying for 70% of the vehicles total cost. Once your lease is over, you can opt to lease another vehicle or work with the dealer to purchase the vehicle you have been leasing at a lower cost.

 

Pros

  • You can upgrade your vehicle regularly without having to purchase in full
  • The rates are typically cheaper than those pertaining to financing
  • You don’t have to worry about selling/trading a vehicle when you are done with it

 

Cons

  • You do not own the vehicle, meaning you have to be especially cautious
  • You are given a fixed amount of KMs and if you go over them, the costs are high
  • Most leases aren’t offered past 3 years, meaning you have to commit to upgrading or purchase a vehicle thereafter

 

Is it a good idea to buy a vehicle outright?

 

Purchasing a vehicle outright is the most straightforward and easiest process out of the three, however, the issue with this is evident – if you don’t have the cash, you cannot buy the vehicle. Buying a vehicle outright minimizes the need for extensive paperwork (obtaining employment information, credit history, etc). Because you are not borrowing the money, the dealer is under the assumption that you accept the responsibility for the full payment, thus, credit history and other financial information is not required.

 

Purchasing a vehicle outright allows you to forego interest payments which will save you money in the long run. Our Dealer Invoice Report also contains cash incentives that can lower the price of the vehicle even more. Most dealers will accept our cash incentives with no issues because they are guaranteed to be paid on the sale. If you have the means to pay for a vehicle outright and don’t want to be locked into a debt/contract, consider doing so.

 

How does purchasing a vehicle outright work? This is the simplest of the methods and doesn’t require much. Discuss the model/make of the vehicle you want and bring forth any cash incentives you are eligible for. The dealer will then work out the best possible price, factoring your Dealer Invoice Report, incentives, desired add-ons, warranty, and taxes. Once you sign and make the payment, the vehicle is yours!

 

Pros

  • You are not locked into a contract nor do you acquire a debt
  • You forego the interest rates that come with financing
  • You fully own the vehicle; there is no worry about not being able to make the payments as there are none associated with the physical cost of the vehicle

 

Cons

  • Most new vehicles cost tens of thousands of dollars which can be difficult to pay all at once. You have to ensure you, not only have the funds to pay the full cost but doing so will also not leave you with nothing
  • If you want any add-ons or upgrades, these will have to be paid in full as well, either at the time of purchase thereafter
  • You are responsible for selling or trading the vehicle if/when you decide to do so

 

Deciding how you want to go about paying for your vehicle is contingent on your desire to own, your current financial state and how much you drive. Regardless of whether you want to lease, finance, or purchase outright, our Dealer Invoice Report can help you save thousands on your new vehicle!

 

Have you found the vehicle of your dreams? Contact us today and save big on the car YOU want!

2019 Car Infotainment Features That Will Forever Change the Way You Drive!

In 2019, the infotainment system in your car is as indispensable as the steering wheel. No, that’s not really an exaggeration!

The word “infotainment” is sometimes carelessly thrown around without preamble. So let’s first address; What does infotainment system mean?

In the automotive industry, an infotainment system (or In-Vehicle Infotainment -IVI) refers to in-car technologies that bridge the gap between entertainment and information for the driver and passengers. These typically include audiovisual interfaces, touchscreens, keypads, and the likes.

These systems have tremendously evolved since their inception, and though many people assume that this is a relatively new technological advancement, in reality, the first modern infotainment system as we’ve come to know them today was created as far back as 1980!

Buying a car with an infotainment system in Canada takes some doing. There are so many aspects that come together to make the magic happen; internet connectivity, smartphone compatibility, advanced driver assistance features, real-time traffic announcement broadcasts – and that’s just the tip of the iceberg.

Below, we’ve shortlisted the most sought after infotainment features in 2019 and the cars that epitomize these features to the max!

 

Apple CarPlay Connectivity

Any person who owns a smartphone in the 21st century can sympathize with this cause! By its own admission, Apple CarPlay is a smarter and safer way to connect your iPhone to your vehicle. This savvy feature lets you interact with your phone’s entertainment services through the vehicle’s in-built display.

In 2019, over 100 million people in North America alone own an iPhone. It’s easy to see why the automotive industry has gone all out to integrate this particular feature. An uninterrupted and user-friendly in-car iPhone connection is the golden ticket as far as most drivers are concerned. With Apple CarPlay, you can now make calls, receive and send messages and stream music seamlessly without ever having to take your eyes off the road.

Our Top 3 Picks With Apple CarPlay Connectivity

 

Android Auto Connectivity

Android isn’t about to relinquish the reins to its counterpart just yet. Android Auto ensures a smooth and seamless connection between your phone’s OS and the car. It comes with a sleek and intuitive interface, integrated steering wheel controls and phenomenal new voice actions.

And just like Apple, its primary focus is to reduce on-road distractions, especially in light of Ontario’s updated distracted driving laws in 2019 that penalize drivers for taking their eyes off the road to interact with a handheld device.

In order to make use of this feature, your phone will require an OS that runs at 5.0 (Lollipop) or higher. With Android Auto, you can interact with your phone’s maps, messaging, radio and music features at just the click of a button.

Our Top 3 Picks With Android Auto Connectivity

 

Navigation System

Scoring a car with a reliable and regularly updated GPS system isn’t a negotiation but a necessity. While en route, you expect your car to generate quick directions in real time, decipher the fastest route, inform you of changing traffic patterns while also taking into account certain driving preferences.

Depending on the brand, you can invest in add-on GPS packages that further simplify travel and navigation while implementing accident prevention assistance. It is estimated that road conditions in North America change by about 15% every year. You should be able to bank on a system that grants you updated access to millions of miles of roads, highways, streets, signages, traffic conditions, points of interest, restaurants, etc.

The reason we’ve decided to cover this aspect is due to the fact that a common question we get asked is, “Which car has the best navigation system?Innovative GPS systems come part and parcel with the following 2019 vehicles.

Our Top 3 Picks With Powerful Navigation Systems

 

Entertainment Services (Audio + Video)

An infotainment system won’t hold much water if it’s doesn’t have a cutting edge audiovisual interface. Ideally, this should offer a wide suite of connectivity services to access your favourite music, radio shows, and podcasts. It should also offer standard features such as being able to double up as a Wi-Fi hotspot, seamless touchpad controls and some form of rear-seat entertainment to boot.

 

Which car has the biggest touch screen? The all-new 2019 RAM 1500 has a whopping 12-inch touchscreen display. This is second to Tesla’s behemoth 17-inch display.

Another instrumental feature that aids your car’s infotainment is the acoustic system. Bose, Bang & Olufsen and Harmon Kardon are the three leading manufacturers of in-car speakers that deliver crisp, clear and three-dimensional surround sounds.

Below, we answer the most pressing question yet; What cars have the best factory sound system? The brands that deliver phenomenal acoustics in 2019 are Audi, Ford, and Lexus.

Our Top 3 Picks With Innovative AudioVisuals

 

Infotainment Systems in 2019 Are A Whole New Ball Game

Before you buy your next car, get a free dealer invoice report. That way you’ll be getting the best infotainment features while still saving thousands and thousands of dollars!

Exclusive rebates and certified dealerships are only a click away.

Your dealer invoice report is ready and waiting. Get it here.

 

Buying Your Very First Car? Avoid These Mistakes Made by 92% of New Buyers!

Congratulations! 2019 is the year you’ve finally decided to quit taking public transit and get your new car. This is as exciting as that time you graduated high school or landed your first paying job!

After doing tons of research, you’ve settled on a make and model and can’t wait to take to the streets. Before you put your money down and complete the transaction, tarry a little. You’re not quite finished with the research process just yet.

Are you aware of the common dealer traps that new buyers often fall victim to? Have you located the best new car deals in Canada? If not, don’t ruin your first-time buying experience with inadequate research. Save yourself a world of trouble by reading this article instead!

 

Breaking Your Budget – And Then Some!

The most pressing question for first-time car buyers is, “How much should your first car cost?” The best way to proceed is to set your budget at no more than 20% of your annual salary. For instance, if you make $85,000 per year, your budget shouldn’t cross over $17,000.

A common trap set by dealers is to catch new buyers unawares by drawing their attention to the monthly payments rather than the total cost. If you’re wise to this tactic, it’s easy to stick to your original plan. Remember that it’s not just the capital cost that you have to budget for but also the insurance, fuel, licensing fees and so on.

 

Ignoring Your Intuition

Some dealers may not have your best interests at heart. If you feel that yours is constantly trying to get you to splurge over and above what you’ve expressed an interest in, it might be time to look elsewhere. When your sixth sense is telling you otherwise and the transaction begins to go south, don’t compel yourself to get the car just because.

Going to another dealer might mean more cordial services and honest and consistent pricing solutions.

 

Assuming That Test Driving Is Just a Fool’s Errand

First things first. Is it better to buy a new car or a used car? Bear in mind that a new car depreciates by about 20% as soon as it exits the lot. If a budget isn’t your primary focus then it makes sense to purchase a new vehicle. A used car, on the other hand, will be 20-30% less expensive even if it is just a year old, however, there may be existing issues with a used vehicle that will cost you more in the long run. 

Once you’ve made a decision on whether you want to buy a new or used car, the next step is to give it a whirl. While the car you have in mind might have the right features, it could still make for a less-than-comfortable drive.

The only way to know what you’re getting into for sure? Test drive like you mean it! Another dealer trap is for dealers to coax you to take a pre-decided route on your drive – a route that no doubt offers the least amount of challenges in the way of road conditions. If you are familiar with the area, choose your own route – preferably something that incorporates highways and streets.

 

Thinking That Walking Away Equates to Defeat

Many car shoppers ask, “Can I buy a car in one day.”  You certainly can but it’s extremely ill-advised. If for whatever reason, you are keen to complete the transaction in a day, you can do so online to speed things up. There are many perks to taking your time with the purchase, not the least of which are allowing yourself time to research, test drive the car of choice, and walk away from an unsavory deal. That way, you can completely skip that dreaded post-purchase buyer’s regret.

Walking away from a deal ties in with listening to your intuition. If you find the dealer being excessively pushy and not meeting you halfway, it’s time to walk. Cue the third dealer trap. Dealerships will attempt to sell you on an extended warranty in the hopes that you’ve forgotten that new vehicles come with a bumper to bumper warranty.

If you intend on retaining the same vehicle for a long time and using a lot of miles, then an extended warranty might be up your alley.

 

Not Acquiring a Dealer Invoice Report

Perhaps the most grievous mistake of them all – failing to ask for a car dealer invoice report from a reputed agency. Just as with any large investment, it’s important to consider multiple offers from different dealers so that you can negotiate for the best price.

Additionally, you’ll want to get your hands on the latest rebates, certified dealerships, best add-ons, and the deals that other people in your area have gotten.

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. And when your dealer senses you’ve done your due diligence, they are that much more likely to be cooperative with your negotiation tactics.

A dealer invoice report enables you to decide on a great bargaining figure. A majority of dealers turn a profit of 8.7% on selling a new car. When you’re aware of the MSRP, you can follow the 3-5% rule which is adding about 3-5% on the invoice figure in your report to calculate the most lucrative negotiation price.

 

Ready to Get a Great Deal on Your First Car?

Request Your FREE Dealer Invoice Report

We’ll Send It Across Within Minutes!