With the significant expenses of the best new car deals Canada, getting a decent deal is a higher priority than any time in recent memory. Knowing where to look and how to arrange can assist you with scoring large investment funds on your next new vehicle. Here are a few ways to find the best new vehicle bargains in Canada.
Do Your Research
The first step is researching the vehicle you want thoroughly. Compare models, trims, options, and prices across various dealerships. Resources like Unhaggle and CarCostCanada can give you accurate pricing information to use as leverage during negotiations. You’ll want to know the MSRP, invoice price, current incentives and rebates available. This knowledge will make you a well-informed buyer.
Certain months tend to have better deals and incentives from manufacturers. Typically, December and August-October are good months for deals as dealerships want to clear out older inventory for newer models. You may also find better prices at the end of a model year or before new model releases.
Look for Overage Vehicles
Overage vehicles are current model year cars that have gone unsold. Dealerships want to sell these quickly to make room for next year’s inventory. You can find huge discounts off MSRP for an overage vehicle. Just make sure it hasn’t been sitting too long and ask for a pre-purchase inspection.
Another great way to find the best new car deals in Canada is through online classifieds sites. Sites like Kijiji, AutoTrader, and UsedCarTradeIn allow you to search inventory across numerous dealerships in your area. You may come across discounted prices or lightly used lease returns at a lower price than new.
It’s also worth checking manufacturer websites for current promotions and incentives. Brands like Ford, GM, Toyota, and Honda regularly offer cash rebates, low interest rates, or bonus cash towards your down payment. Make sure to check the Canadian site as deals differ from the American market.
Targeting Slow-Selling Models for Discounts
Frequently auto brands will offer significant discounts on models considered slow sellers. Research sales rankings to determine which vehicles aren’t moving off dealer lots as quickly. Things like less popular trims, colors, or smaller engine options may qualify for thousands extra in incentives just to generate interest.
The Four-Square Method
Another underutilized negotiation tactic is the four-square method. This involves breaking down the selling price, your monthly payments, available incentives, and financing terms on a worksheet so everything is transparent. It prevents the dealer from shifting discussions between different numbers and allows you to make the most informed purchase decision.
Best Deals on Certified Pre-Owned Vehicles
If shopping for a certified pre-owned (CPO) vehicle, the best new car deals can be found through direct manufacturer programs. Brands put their CPO vehicles through a rigorous inspection/reconditioning process and back them with extended warranties. This provides the peace of mind of a new car without the steep depreciation of the first few years of ownership.
Considerations with Independent Sellers
Independent used car lots and private sellers can offer good deals but come with more risk if you can’t get a thorough inspection done first. Stick with reputable franchised new car dealerships or certified pre-owned programs from brands when possible for more consumer protections.
Leasing: Lower Payments, Lower Mileage
Consider leasing as an alternative if you put lower annual mileage. Monthly payments will typically be lower than financing, and you aren’t taking the big depreciation hit in those first few years. Just be sure to negotiate residual/mileage limits carefully so you aren’t hit with penalties.
Automobile Lovers Forums
Join automobile enthusiast forums online too. People regularly discuss the latest rebates, lease/finance offers, and how they negotiated specific models at different dealerships nationwide. This grassroots knowledge can point you towards particularly aggressive incentives going on too.
Auto brokers claim to get you better new car prices by taking the shopping and negotiating out of your hands for a fee. While this convenience may be worth it for some, savvy buyers can often match or beat broker quotes on their own with a bit of effort. Only work with a broker if their fee is refundable if you get a better quote yourself.
Negotiating tactics while best new car deals Canada is key. Focus negotiations on total vehicle price rather than monthly payments. Be willing to walk away if you can’t get the price you want. Consider submitting an email bid to multiple dealerships and leveraging their best offers against each other. Bringing a pre-approved loan or paying cash can also help you negotiate a lower overall price.
Maximize Incentives & Rebates
Research current incentives on the specific vehicle you want. There are often cash rebates, promotional interest rates and lease deals from the manufacturer, especially on slow-selling models. Stack rebates with dealer discounts for maximum savings. Just be sure the vehicle actually qualifies for the offers.
Visit Dealerships Strategically
Don’t just walk into the first dealership you see. Visit dealerships toward the end of the month when salespeople are more desperate to meet quotas. Shop late in the day or on weekdays, when salespeople have more flexibility to discount prices. Test drive the car you want at one dealership, but purchase at another if you get a better deal.
Know Your Credit Score
Your credit score determines financing rates, so know where your credit stands before shopping. Get pre-approved for financing so you know what rates to expect. If your credit is subpar, consider waiting and improving your credit first, as that alone could save you thousands in interest charges.
You can get the best new car deals Canada in the event that you get ready quite a bit early and utilize the proper negotiating strategies. Settle on a careful spending plan, select a model, and take as much time as necessary shopping. What’s more, always remember that you are accountable for the deal’s interaction. Therefore, don’t be terrified to be pushy and take full advantage of it.