Be prepared for mounting costs across the board this year
. You’re more likely to get approved for a lower rate if you put down a larger down payment — try to scrounge up at least 20 per cent — and spruce up your credit score so you look better to lenders.Article content
In February 2022, the average price of a used vehicle in Canada rose to $36,927, an increase of 36.1 per cent year-over-year. Meanwhile the average price of a new vehicle rose to $51,812, a 14.2 per cent increase year-over-year, according to Baris Akyurek, director of marketing intelligence at AutoTrader.ca.
Akyurek says, “In terms of future increases, it’s hard to pinpoint an exact timing because conditions are continually evolving, but when inventory levels begin to rise, prices are expected to start normalizing.” Demand for fuel has skyrocketed due to increased travel and loosened COVID-19 restrictions, while the Russia-Ukraine war is currently upending the global supply of oil. Canadian motorists need to be prepared to pay more at the pump.Article content
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