PRICE
Establishing a budget before shopping around is key. Here are the factors you should pay attention to when crafting a budget: Trim Level: Each subsequent trim level comes with added features. Going from one to the other can elevate the base MSRP by as much as $1,500. Manufacturer Features: Manufacturer add-ons like safety, extra gadgets and so on, can also elevate the base MSRP by at least $1,000. Fees: Regulatory fees, freight, air tax, PDI among a few, are some of the additional fees that could hike up the price by as much as $2,200 per vehicle. Dealer Features: Rust-protection, VIN etching and the likes offered by the dealer will add approximately $1,000 to the base MSRP. Sales Taxes: This is a percent of the MSRP and added charges that varies by province and territory from anywhere between 5 to 15%.FINANCING OPTIONS
Now that you have your budget in place, let’s look at potential financing options! Car Leases: This is similar to long-term rentals. You will have to make regular payments, usually lasting for 3 – 5 years. You will not own the car once the lease terminates. However, some contracts do offer the option to purchase the vehicle at the end of the term. Such leases are arranged by dealers. Be sure to carefully read the fine print before signing any contracts. Car Loans: You can either procure a loan through the dealer or through a financial institution. When you go to a dealership, the dealer takes care of the intricacies with the lender whether that is the manufacturer’s financing division, a bank or credit union, or a car financing company. When you approach a financial institution directly for credit, you may be able to negotiate a better interest rate, if you have good credit and a good relationship with the lender. Rent-to-Own: These are much like car leases where you have to make regular payments for a certain period of time. The difference is that with a rent-to-own plan, you have to make payments directly to the dealership or rental company instead of a credit union or bank.GET A DEALER INVOICE REPORT
Getting yourself a dealer invoice report is half the battle won. You can choose your model, make and trim level and get your free report in your email within minutes. Your report will show you;- 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