Buying your first vehicle in Canada?

Advice for Buying Your First Car

At Maple Hyundai, we understand that buying a new car is a big responsibility and, for first-time buyers, may seem like a daunting task. We work hard to help make your vehicle purchasing and ownership experience stress-free and easy. This is just one of the many reasons Maple Hyundai is the preferred Hyundai dealership in the Vaughan region. Here is some expert advice to keep in mind when purchasing your first car:

  • Ownership Costs

When planning to purchase a new car, you should make room in your budget for hidden fees and other expenses that may arise other than just the purchase price. If you are buying from a reputable source, the purchase price of most vehicles does not include taxes, insurance, future repairs, ownership fees, interest rates, and other necessary expenses. It is good practice to plan ahead and shop slightly below your budget to ensure that you can afford all the hidden fees and necessary costs that come with purchasing and owning a vehicle.

  • New Car Financing

Financing is an excellent option for those looking to purchase a car that they cannot pay for all upfront. However, you usually need to have a good credit score to be approved for a prime loan. Your approval chances and interest rates depend on how high or low your credit score is. Usually, if you have a credit score above 660, you will most likely get approved for a more flexible auto loan. If you have a credit score below that, you may find it challenging to get approved and may have to opt for a sub-prime loan with higher interest rates instead, as you rebuild your credit by making payments on time.

  • New Car Priority

When buying a new car, many people only consider what they want instead of what they need. Of course, you can get a higher trim level with all the latest and greatest features, but if you are on a strict budget, focus on the necessities first and then see if there is money to spare for the extra luxuries. For example, if you drive an hour to work every day, you may want to prioritize fuel economy and reliability rather than a sunroof and upgraded stereo system.

Contact Us and Let us know how we can help!