Are you shopping for a new or used vehicle? The pandemic has wreaked havoc on the supply chain affecting a whole range of goods and the automobile market is no exception. Continue reading to find out what you should consider before buying a new or used vehicle.
Should You Buy a New Vehicle?
If you have been shopping for a new vehicle recently, you may have been told that it could take up to a year before you can receive your new car. You will have to evaluate whether your existing car will last for another year or whether it will require repairs to keep it road-worthy for the next year. Bear in mind that the automotive parts supply chain is so backlogged that it’s taking longer for parts to arrive and when they do arrive, they are more expensive. If the repair cost is expensive, consider whether you want to sink that much money into your existing car when you will be receiving a new car in a year.
Should You Buy a Used Vehicle?
The average person would assume everyone is simply buying used cars. But here is an anomaly: Most used cars these days are more expensive than new models. Again, because the demand for used cars is at an all-time high, dealerships can charge more for used cars because people don’t want to wait one year for a new car. Keep in mind, however, that if you spend more on a used car than a new car, you may regret the decision for years.
Used vehicles aren’t the best choice if you want to be eco-friendly. New models are always more energy-efficient, so they’re better for the environment. And what if you want to switch from a gas-powered to an electric vehicle?
The prices at the pumps are at a historic high, and business reports indicate that the price of gas will not be decreasing soon. There aren’t many options if you want a used electric car. Also, older electric models will not have the latest technology.
Speak to your dealer to find out exactly how long it will take to get a new car. Perhaps it will take only a few months, which relatively speaking isn’t very long. You’ll be able to drive your current vehicle until it’s time to take it to the Toronto auto wreckers.
Used cars are fine if they don’t have too many miles on the odometer and they are in fairly good shape.
Buying a new or used vehicle these days is a very difficult decision to make. Best of luck!
You may be interested in reading “The Impacts of the 2022 Bank of Canada Rate Increase for Toronto”.