Ontario getting new rules for used cars
- Thread starter tay
- Start date
Yes that will really make a difference after buying.
You dopes are still living in the 50s if you think there shouldn't be adequate vehicle safety standards.
Except the calling card for the real curmudgeon is reverence for the past and we all know how much better life was in your time lol
I see common sense isn't your forte. Only a complete moron would have the car checked out AFTER buying it.
Sadly car dealers will give anyone a zero interest loan on a new car and have for years.
A troubled (alcoholic) friend of mine has claimed bankruptcy twice despite a steady job, (yes he works at the same job he has had for 30 + years), has no credit cards (taken from him), owns no property, yet amazingly, to both him and me, he gets a new Chrysler every 2 years.
The first time it happened, about 10 years ago after his 2nd bankruptcy when he got a call from the sales guy at the dealership saying he should get a new car. He explained his 2nd bankruptcy dilemma but the sales guy said "we can work around that'!
And it's not that anyone can't afford a new car, Personally I have always chosen to not have those payments on a depreciating item.
I also abhor debt as it makes you a prisoner. A mortgage at the time was one thing because you have to live somewhere and it's better than rent but I did pay it off sooner as I was able to make extra payments instead of having a new car payment.
And of course one must ask what came first, the 6 or 7 or 8 year zero % loan or the $40,000 plus vehicle?
These vehicles should be $25,000 - $30,000, not 40 plus. Also on new vehicles you pay all sorts of additional taxes besides the HST plus higher insurance rates.
That's why vehicle sales and profits are hitting new highs for the automakers. They aren't giving away anything out of the goodness of their heart. People go in and buy these things on the (wink-wink) zero % long term loan. The automakers have the profit built into the higher prices thereby giving the allusion of no interest but you are paying for it monthly.....
I thought everyone new about the 0% shuffle so I will post a few tips. I will say the monthly payments are insane.......
“Interest-free” new-car loans can actually end up costing you more than if you had paid a higher interest rate.
Buying a new car is a significant financial decision. The choices you make at a dealership can easily add up to hundreds or thousands of dollars in savings. The key to maximizing your savings is to understand how new vehicle incentives work.
Auto makers often advertise thousands of dollars in savings or price reductions to entice buyers. These cash rebates are applied as direct discounts off the vehicle purchase price and they are generally in addition to discounts that can be negotiated with dealerships.
The catch is that these cash rebates are typically only available to buyers who purchase in cash and do not require financing (referred to as a “non-stackable” rebate).
The 2014 Nissan Murano SV, for example, features a $7,000 non-stackable cash rebate this month. Nissan is also offering 0-per-cent interest financing for up to 72 months on all Murano models. You must choose either the $7,000 rebate or 0 per cent financing. You can’t have both.
In some cases, a smaller portion of the cash rebate may be “stackable” and available for those who choose to finance at the auto maker’s discounted rates. But the reality is that free money does not exist, and the cost of borrowing ultimately has to be paid by someone – even if it is in the form of a forgone cash rebate.
Zero-per-cent financing sounds attractive, but there are instances when you can actually save more by financing at a higher rate.
If you financed the Murano SV at 0-per-cent interest for 48 months and no cash rebate, your payments would be $929 a month including taxes and mandatory fees, with a total purchase price of $44,576, assuming no additional dealer discount.
If you financed the same Murano at the standard Bank of Montreal auto loan interest rate of 3.99 per cent for 48 months, and took advantage of the $7,000 non-stackable cash rebate, your payment would only be $828 per month including taxes, for a total purchase price of $36,666.
Saving an extra $100 a month can be that easy. This auto loan calculator will show that the total extra interest paid at 3.99 per cent for 48 months is slightly more than $3,000, but it is more than compensated for by the $7,000 cash rebate that is otherwise not available with 0-per-cent financing.
Next time you buy a new car, do the math to make sure you’re getting a great deal.
http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwjqivPX9sTKAhUDl4MKHaFuBh0QFgg8MAE&url=http%3A%2F%2Fwww.theglobeandmail.com%2Fglobe-drive%2Fculture%2Fcommentary%2Fzero-per-cent-car-financing-can-end-up-costing-you-money%2Farticle20220953%2F&usg=AFQjCNFMTFFtPfJoR3AoijrsJIHb9QfGgg&sig2=ZIecFssxyf3gCWPfh8kAOw&bvm=bv.112454388,d.amc
Before biting on the zero-per cent financing, check for other deals such as cash-back offers. Fiat Chrysler, for example, currently has two offers for the 2015 Jeep Cherokee SUV: zero-per cent financing for 60 months or a $2,000 rebate. Edmunds recommends taking the cash to reduce your total loan amount for the base all-wheel-drive model from $27,123 to $25,123. Even with a 2-per cent interest rate, you'll wind up paying $440 per month with the cash deal. That compares to $452 per month with zero-per cent financing.
http://www.google.ca/url?sa=t&rct=j...w1AWh1Xq2HYgwi_7PrucDA&bvm=bv.112454388,d.amc
If you financed $30,967.25 over 48 months at 5.35% interest, the total cost of that loan would be the equivalent of the 0% financing purchase price of $34,467.97. In essence, 0% financing is really costing you 5.35% because you are paying a higher price.
http://www.google.ca/url?sa=t&rct=j...OXt9jasmgXj8-EdkAjoJMA&bvm=bv.112454388,d.amc
“Interest-free” new-car loans can actually end up costing you more than if you had paid a higher interest rate.
Buying a new car is a significant financial decision. The choices you make at a dealership can easily add up to hundreds or thousands of dollars in savings. The key to maximizing your savings is to understand how new vehicle incentives work.
Auto makers often advertise thousands of dollars in savings or price reductions to entice buyers. These cash rebates are applied as direct discounts off the vehicle purchase price and they are generally in addition to discounts that can be negotiated with dealerships.
The catch is that these cash rebates are typically only available to buyers who purchase in cash and do not require financing (referred to as a “non-stackable” rebate).
The 2014 Nissan Murano SV, for example, features a $7,000 non-stackable cash rebate this month. Nissan is also offering 0-per-cent interest financing for up to 72 months on all Murano models. You must choose either the $7,000 rebate or 0 per cent financing. You can’t have both.
In some cases, a smaller portion of the cash rebate may be “stackable” and available for those who choose to finance at the auto maker’s discounted rates. But the reality is that free money does not exist, and the cost of borrowing ultimately has to be paid by someone – even if it is in the form of a forgone cash rebate.
Zero-per-cent financing sounds attractive, but there are instances when you can actually save more by financing at a higher rate.
If you financed the Murano SV at 0-per-cent interest for 48 months and no cash rebate, your payments would be $929 a month including taxes and mandatory fees, with a total purchase price of $44,576, assuming no additional dealer discount.
If you financed the same Murano at the standard Bank of Montreal auto loan interest rate of 3.99 per cent for 48 months, and took advantage of the $7,000 non-stackable cash rebate, your payment would only be $828 per month including taxes, for a total purchase price of $36,666.
Saving an extra $100 a month can be that easy. This auto loan calculator will show that the total extra interest paid at 3.99 per cent for 48 months is slightly more than $3,000, but it is more than compensated for by the $7,000 cash rebate that is otherwise not available with 0-per-cent financing.
Next time you buy a new car, do the math to make sure you’re getting a great deal.
http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwjqivPX9sTKAhUDl4MKHaFuBh0QFgg8MAE&url=http%3A%2F%2Fwww.theglobeandmail.com%2Fglobe-drive%2Fculture%2Fcommentary%2Fzero-per-cent-car-financing-can-end-up-costing-you-money%2Farticle20220953%2F&usg=AFQjCNFMTFFtPfJoR3AoijrsJIHb9QfGgg&sig2=ZIecFssxyf3gCWPfh8kAOw&bvm=bv.112454388,d.amc
Before biting on the zero-per cent financing, check for other deals such as cash-back offers. Fiat Chrysler, for example, currently has two offers for the 2015 Jeep Cherokee SUV: zero-per cent financing for 60 months or a $2,000 rebate. Edmunds recommends taking the cash to reduce your total loan amount for the base all-wheel-drive model from $27,123 to $25,123. Even with a 2-per cent interest rate, you'll wind up paying $440 per month with the cash deal. That compares to $452 per month with zero-per cent financing.
http://www.google.ca/url?sa=t&rct=j...w1AWh1Xq2HYgwi_7PrucDA&bvm=bv.112454388,d.amc
If you financed $30,967.25 over 48 months at 5.35% interest, the total cost of that loan would be the equivalent of the 0% financing purchase price of $34,467.97. In essence, 0% financing is really costing you 5.35% because you are paying a higher price.
http://www.google.ca/url?sa=t&rct=j...OXt9jasmgXj8-EdkAjoJMA&bvm=bv.112454388,d.amc
It is coming in some places. IN Vancouver they are planing a tax on older construction equipment that will make it uneconomical to use. Some places don't permit gas lawnmowers already.
Good tip. I am going to pass it on to a few people that I know are looking for a new car. Also pays to shop around for a car loan. Not all banks have the same rate.
Your new car loses half its resale value the moment it leaves the lot. If it's not all about appearances, buy your new car when it's a year or so old and still has the balance of its warranty
I think about the people who cannot carry the cost of a brand new or even a slightly used car. Pensioners are going to be hurt by this.
I loved living in Ontario, I just hated the cost of living there. HST, Smart Meters, Drive Clean, and the mother of all costs, vehicle insurance. I now pay half of what I paid for car insurance in Ontario. Actually, less than half. I was paying $1300.00 a year for a single car with an (accident/ticket free driving record). In Alberta, for the same car and an additional pickup truck I am paying $1100.00 a year. Even my annual registration is about half.
How long you guys in Ontario have left with this crook?
I loved living in Ontario, I just hated the cost of living there. HST, Smart Meters, Drive Clean, and the mother of all costs, vehicle insurance. I now pay half of what I paid for car insurance in Ontario. Actually, less than half. I was paying $1300.00 a year for a single car with an (accident/ticket free driving record). In Alberta, for the same car and an additional pickup truck I am paying $1100.00 a year. Even my annual registration is about half.
How long you guys in Ontario have left with this crook?
No doubt you think that. But you can't even buy a vehicle without govt assistance, so, ya, your opinion is meaningless.
No it doesn't. I'm not a mechanic. I haven't bought a money pit since my last brand new Chrysler product.
But I can understand why you'd need the govt to hold your hand, what with you awesome pedigree and all.
I love it when you start feeling dumb and try and fabricate an argument no one has forwarded, just because you think you can win and save some face, lol.
On the internet you're pretty much faceless so one has to wonder why anyone would give a flying elephants azz.
It matters to those that see themselves as disadvantaged as they are marginalized in the real world. These places are very important for their self esteem
Back in the old days there were a few things you could check on a car when you're test driving it. Blow by, shyt in the oil and tranny fluid and lots of other things. Now you should take it to a mechanic with the equipment to run a diagnostic evaluation. If you don't it's a crap shoot. It's dam certain that the used car salesman has one priority, to unload his product regardless of what it's worth and the quality of it. They're scorpions. Have to protect yourself. Best thing is to buy a new car with a warranty if you can. That's what I suggest to my daughters.
If you think ON is expensive, stay away from BC. I'm paying double rate of SK for an 08 Ford Ranger 4X4 even with a 25% discount which is $2800 a year.
You got that right. I (foolishly perhaps) extended the warranty on my new truck when I was told $3000 computer failures weren't beyond the realm of possibility. Gone are the days when you could fix many problems with a screw driver and a crescent wrench!
I loved my old 68 ford pick up. Wished I'd have kept it. I remember one time my kids the ex and I were coming back home from the creek from a day of fishing and swimming and the truck started spitting and missing real bad. I just pulled over, lift the hood, removed the distributer cap and took out the points and with a piece of sand paper cleaned the corrosion off. I re installed them, set them with my gauge , put the distributer cap back on and drove on home. Ran like a top until I could get to the auto parts store for the things needed for a tune up. Which I did myself. Can't do that anymore. Gotta love progress.You got that right. I (foolishly perhaps) extended the warranty on my new truck when I was told $3000 computer failures weren't beyond the realm of possibility. Gone are the days when you could fix many problems with a screw driver and a crescent wrench!