Is it a good time to buy a car?

Buy today, sign 0% @ 84 months. Best financial decision ever

XxXSnake23XxX wrote: ↑ Buy today, sign 0% @ 84 months. Best financial decision ever

Would be better if it was 96 months.

So many threads asking the same thing. TLDR - manufacturers have halted assembly lines, dealer lots are full of inventory and no new vehicles going on dealer lots until assembly lines open back up.

Yes you prob have more wiggle room (0% interest, extra freebees thrown in, free maintenance) but dont expect firesale prices, especially on popular makes/models.

If financing/leasing, Kona will likely have better rates and incentives. As a 19 Crosstrek Sport owner, no major complaints, except that engines in this class are underpowered. I don't have Eyesight system so can't comment on first hand experience, but have heard good things about it.

Luxury brands seems to have more discount than economy brands .. Honda only have payment deferrals and Nissan only have 0 interest for 7 years.
Lexus have no interest payment deferral, 0 interest, and cash incentives

Also, easier to bargain price for all dealers

What bear20 said!

I also want to caution the temptation to finance/lease a vehicle for 84 months. It is always recommended that if you can, to finance/lease at a maximum of 5 years. 5 years is the ideal time period as you don't want to still be paying off the car when you start having to pay for maintenance. Typically cars would last 5 years with no issues but we do have more electronics and more sensors on the cars and those are costly to repair/replace. If you take a 7-year finance/lease, for example, by about 5 and a half years, you will owe more money than the car is actually worth. Also not just the maintenance after 5 years, but 7 years is a long time and you may want to change your car for whatever reason or you no longer need the car or you can no longer afford the car. So be very cautious with the 0% finance/lease for 84 months.

Things are looking bleak financially for a lot of people....

Thinking you might be able to score a good deal on leases that people are trying to get out of due to financial hardship and trying to conserve cash flow at the moment...especially if things drag on and economy doesn't open up soon...

Thinking decent deals if you keep your eyes open....but nothing like fire sales....

Thanks everyone.
I was trying to contact car dealerships yesterday but a lot of them didnt' respond to me.
Hyundai Mississauga seems to be closed and Richmond hill didn't return my call.

I am going to talk to Subaru today and see what deal they can offer. Personally i still love Subaru(i drive a wrx and my family have had multiple subarus in the past) however in a bang for buck vehicle, i feel like Hyundai has done alot.

Thanks everyone ; i appreciate your advice.

Malicium wrote: ↑
I am going to talk to Subaru today and see what deal they can offer. Personally i still love Subaru(i drive a wrx and my family have had multiple subarus in the past) however in a bang for buck vehicle, i feel like Hyundai has done alot.

Thanks everyone ; i appreciate your advice.

Previous KIA owner here. I bought my Kia Optima from an out of town dealer at very deep discount in 2017.

If you get a Hyundai and plan to keep it for 5 years, get the mid-high-end trim. The motivation to buy a Hyundai/Kia is the amount of features for the dollar. Nobody shop a Hyundai/Kia for its reliability or re-sell value. Lower trims get lower quality interior, less features to enjoy and you will start to hate the decision very soon.

Call the dealerships, there might be a fully loaded showroom car with 400km on ODO meter, at crazy discount.

It is overall just the same crap as kia. Get whichever cheaper.

People are financing with 84 or 96 months? LOL interest at the end will be worth as much as the car I know "0% finance" but there is some sort of profit for them at the end.

I personally think 60 or 72 months is the best if a person can afford the monthly payments.

win-star wrote: ↑
I personally think 60 or 72 months is the best if a person can afford the monthly payments.

People sign for 72 months?!?!

I thought the unspoken "rule" was 48, max 60.

XxXSnake23XxX wrote: ↑ People sign for 72 months?!?!

I thought "rule" was 48, max 60.

24-36 tops. Preferably 0 though.

Gutty96 wrote: ↑ 24-36 tops. Preferably 0 though.

well i think 0 is unattainable for 99% of canada... even those of us RFDers making 100k and own 1M home.
unless ur buying a 3K 1995 corolla or civic

XxXSnake23XxX wrote: ↑ well i think 0 is unattainable for 99% of canada... even those of us RFDers making 100k and own 1M home.
unless ur buying a 3K 1995 corolla or civic

Agreed. Most people, by nature, are typically terrible with money, and making sound financial decisions.

I used to be, until my wife took over the major financial decisions.

XxXSnake23XxX wrote: ↑ People sign for 72 months?!?!

I thought the unspoken "rule" was 48, max 60.

Last time I checked, Tesla was even offering 96 months with decent rates!

The "rule" doesn't make sense. If you can afford the entire amount to begin with, and the interest rates are low, you should stretch out the loan for as long as possible. You can always do a lump sum payment anytime.

This frees up cash flow and you can leverage the money to more productive uses like investing. Of course, if you're the typical financially unintelligent person who only looks at the minimum payment to determine what to afford, then yes I guess you should pick a shorter loan term to limit your liability versus actually just figuring out what you can afford.

Great time! I heard on RfD theres going to be 50% off sales on cars due to covid19.

EP32k2 wrote: ↑ Would be better if it was 96 months.

120, do I hear 120?

ayufan wrote: ↑ Luxury brands seems to have more discount than economy brands .. Honda only have payment deferrals and Nissan only have 0 interest for 7 years.
Lexus have no interest payment deferral, 0 interest, and cash incentives

Also, easier to bargain price for all dealers

Acura/Audi/BMW/MB are all holding firm with nothing special other than typical spring discounts of year past. If anything, I think 2020 GLC deal is worse right now than Dec/Nov 2019.

And no, I'm leaving Caddy and Infiniti out of this, since they always put $10-$15K on the hood to move their products. Sounds like Lexus wants to join that club.

At 0% financing I would go 50 years payment if I could. Deferring payments saves you in the end.

UrbanPoet wrote: ↑ Great time! I heard on RfD theres going to be 50% off sales on cars due to covid19.

Strange I read on here that cars were assets due to covid and would increase with price and age!

CardinalComb wrote: ↑ At 0% financing I would go 50 years payment if I could. Deferring payments saves you in the end.

Go on......