Buying A Car In Ontario
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While the aspects mentioned above are important when buying a used car, don't let that trump your style. You won't be happy purchasing the used vehicle if it doesn't meet your eye test or driving style. That's why you'll have to weigh personal style against practicality. If you're on the fence, try a test drive or read reviews to guide you to the right choice.
Buying a used car works almost the exact same as buying a new car. There are some differences, however, mostly to do with the different sources of used vehicles and the nature of pricing, payment, and condition. Things like:
One of the most important documents involved in the used car buying process is the Used Vehicle Information Package (UVIP). It contains all the important details and information about the vehicle's history, including:
If you are buying a used vehicle make absolutely sure that the seller has and shows you the UVIP to look through before you even think of finalizing the purchase because it is against the law if they don't.
All of these are necessary for you to buy a car in Ontario, so if you want to know more about them and how they impact you as a recent immigrant you can read our full new Canadian car buying guide here.
When buying a car, there are a number of things to consider: whether you want to buy a new or used car, what the best time is to buy a car, and what steps you will encounter during the whole process. We've written a number of guides on each topic to help you be prepared to go into your shopping experience. Good luck!
As a customer, you have options regarding selling your current vehicle and buying options. You can take the cash, or you might just be ready for a new car or SUV. Just bring your current vehicle down to us, and we will give you a reasonable trade-in offer for it. This way you sell your current car while getting a new one all in the same trip.
But bear in mind, a brand new vehicle has never been insured. This means that if you purchase a car without a license or insurance, the car would need to be transported by tow truck delivery. It may be an option for some, but it is a more complex and expensive endeavor than traditional car buying methods.
But many Americans make big mistakes buying cars. Take new car purchases with a trade-in. A third of buyers roll over an average of $5,000 in debt from their last car into their new loan. They're paying for a car they don't drive anymore. Ouch! That is not a winning personal finance strategy.
\"The single best advice I can give to people is to get preapproved for a car loan from your bank, a credit union or an online lender,\" says Philip Reed. He's the autos editor at the personal finance site NerdWallet. He also worked undercover at an auto dealership to learn the secrets of the business when he worked for the car-buying site Edmunds.com. So Reed is going to pull back the curtain on the car-buying game.
So Reed says having that preapproval can be a valuable card to have in your hand in the car-buying game. It can help you negotiate a better rate. \"The preapproval will act as a bargaining chip,\" he says. \"If you're preapproved at 4.5%, the dealer says, 'Hey, you know, I can get you 3.5. Would you be interested' And it's a good idea to take it, but make sure all of the terms, meaning the down payment and the length of the loan, remain the same.\"
So at the dealership, Reed and Van Alst both say, the first step is to start with the price of the vehicle you are buying. The salesperson at the dealership will often want to know if you're planning to trade in another car and whether you're also looking to get a loan through the dealership. Reed says don't answer those questions! That makes the game too complicated, and you're playing against pros. If you negotiate a really good purchase price on the car, they might jack up the interest rate to make extra money on you that way or lowball you on your trade-in. They can juggle all those factors in their head at once. You don't want to. Keep it simple. One thing at a time.
\"Concerning the extended factory warranty, you can always buy it later,\" says Reed. \"So if you're buying a new car, you can buy it in three years from now, just before it goes out of warranty.\" At that point, if you want the extended warranty, he says, you should call several dealerships and ask for the best price each can offer. That way, he says, you're not rolling the cost into your car loan and paying interest on a service you wouldn't even use for three years because you're still covered by the new car's warranty.
\"We're actually living in a golden age of used cars,\" says Reed. \"I mean, the reliability of used cars is remarkable these days.\" Reed says there is an endless river of cars coming off three-year leases that are in very good shape. And even cars that are older than that, he says, are definitely worth considering. \"You know, people are buying good used cars at a hundred-thousand miles and driving them for another hundred-thousand miles,\" says Reed. \"So I'm a big fan of buying a used car as a way to save money.\"
NPR has a personal finance Facebook group called Your Money and Your Life. And we asked group members about car buying. Many said they were shocked by how much money some other people in the group said they were spending on cars. Patricia and Dean Raeker from Minneapolis wrote, \"40 years of owning vehicles and our total transportation purchases don't even add up to the cost of one of the financed ones these folks are talking about.\"
Do some calculations to figure out how much you can afford to spend before you start shopping. Aside from the purchase price of your vehicle, you should think about additional car expenses such as loan interest, sales tax, car insurance, registration, maintenance and gas costs. You should aim to spend less than 10% to 15% of your total income on buying a car in Ontario privately or at a dealership.
Learn more about the steps you need to take to get the best deal on a used car in Ontario. Find out important details such as where to shop, what to look for in an inspection and how to secure financing. You can also check out our general guide on tips for buying a used car in Canada if you want more information on how to secure the right vehicle for you.
When buying a used car in Ontario, you'll pay 13% HST, a vehicle permit fee and potential licence plate fee. If you're getting a new or replacement licence plate, you'll pay $59 for the plate and vehicle permit. If you're keeping your current licence plate, you'll pay $32 for the vehicle permit.
If you're buying a used car from a private seller in Ontario, you should get the vehicle portion of the owner's permit, the Application for Transfer, Used Vehicle Information Package and Safety Standards Certificate. If you're buying a used car from a registered dealer, you should get the Safety Standards Certificate and CARFAX report. The dealer should also help you register your car.
When you trade in a vehicle, be willing to spend time haggling over prices to land on something you find acceptable. This price will reduce the cost of the vehicle you plan to purchase. However, because of all the steps included in trading in a car, the process can sometimes take longer than buying a car.
Having a hard time finding your dream car locally You are not alone. The vehicle shortages across the country have made buying a new vehicle challenging. Because of lower inventory, used vehicle prices are rising due to the heavy competition for supply; adding to the bottom line of both new and used vehicles. Many who are in need of a new vehicle are looking beyond borders for a deal. Purchasing an out-of-province vehicle might cause additional stress, require additional paperwork, or result in some added questions or concerns. If buying a car in your own province is not a possibility, read on for some tips on purchasing an out-of-province vehicle in Ontario.
Wow ! great article i have been casually searching the net for advice on this very topic and yours was the best by far. My wife is Canadian but has lived in Australia most of her life we recently visited family in Ontario and now plan on moving over to Canada. But i was inspired by friends of ours who had spent the last year living the van life in the USA and suggested we do the same in Canada really get to see it all before picking a place to settle in.Your post covered so much but i was just wondering what kind of work you picked up and if any one had more info on van life when in a major city area also any more advice on coming from Australia to Canada what is the best strategy for buying a van. We have family in Ontario but i would love to start on the west coast and make my way East any thoughts
West Coast was very awesome! We actually bought our van off a guy in camping ground in Portugal when the van we were travelling in died. He was going to sell when he got back to London in a couple of weeks but agreed to meet us in Barcelona in a couple of weeks instead and handed over the keys. Gumtree is usually the best way to buy a van in the UK, not sure about buying anywhere else in Europe
In most cases, yes! Cash Auto Salvage is a nationwide junk car buyer that offers vehicle buying and towing services 7 days per week in some areas. Call us at 855-922-3095 to get a free offer and to find out if our junkyard near you is open on Sunday.
For many prospective vehicle buyers, a used vehicle is a much more affordable alternative to a brand new vehicle. However, before making a purchase, you should carefully consider both the benefits and disadvantages of buying a used vehicle.
If you are buying a used vehicle privately, and not through a car dealership, the seller is required by law to provide you with a copy of the UVIP for the vehicle you are buying. If you are buying a used vehicle from a car dealership, order one online at ServiceOntario or visit an ServiceOntario centre in person to obtain a copy of the Package before buying the vehicle. 59ce067264
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