Why Now is the Perfect Time to Buy a New Vehicle in Calgary
Automotive News as of late has been reporting on supply chain disruptions, microchip shortages, rising used car prices, and empty car lots. The pandemic has been extremely disruptive to the auto industry with Covid related parts manufacturing shutdowns around the world along with a worldwide microchip shortage have led to a huge decline in new vehicle production while generous Government programs and strong savings rate have stimulated demand for those same vehicles.
Despite all of the negative news, right now is actually one of the best times in recent history to buy a new vehicle, here's why:
Interest Rates Are on the Rise
Governments around the world, including right here in Canada have been signaling pending increases to prime interest rates to help curb price inflation. Finance rates for car loans are fixed over the term so by buying now rather than later will save you thousands in potential interest charges. For example, just a 2% difference in interest rate on a finance contract of $40,000 over 84 months represents $2900 in additional interest over the term of the loan. Since auto loans are for fixed rates, you don’t have to worry about your payment going up when interest rates inevitably rise later in 2022.
Your Trade-in Value Is at an All Time High Right Now
According to automotive authorities Kelly Blue Book, the average used vehicle is worth almost 40% more than it was prior to the pandemic! The microchip shortage and supply chain disruptions have caused used vehicles to skyrocket in value, this includes your trade-in on a new vehicle. It makes sense to maximize your trade value now, before used vehicle supply increases and values drop.
Want to see what your vehicle is worth? Click here to complete an online appraisal or Contact our Acquisitions team to get an in person appraisal done in as little as 15 minutes!
Fair and Honest New Vehicle Pricing
While used vehicle prices have risen tremendously, there has been much less of an increase in new vehicle pricing. With this in mind Honda West is proud to offer an easier way to buy a new vehicle with Honda West Easy Deal. Take the hassle out of haggling and get a fair offer the first time with our streamlined and user focused sales experience.
Your New Vehicle Awaits
To summarize, right now is one of the best times ever to buy a new car, SUV, minivan or truck. Even for those who have to order a vehicle and wait for its arrival it’s a perfect time to buy thanks to being able to lock in a lower interest rate, all time high trade-in values and Honda West’s commitment to giving you a great deal regardless of the vehicle you choose.
Check out our current selection of new Honda vehicles or start off your pre-approval process by clicking here.