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5 tips for new car buyers in Canada

Selecting and purchasing a new car is an exciting, empowering experience. Whether it is your first car or a new vehicle to accommodate your growing family, it brings with it many possibilities.

At the same time, with so many considerations to think about, it can involve some tough decisions.

“There's a lot more to buying a new car then selecting a vehicle and driving it off the lot,” says Ryan Michel, senior vice president and chief risk officer at Allstate Insurance Company of Canada.”

Michel suggests you do the following even before you leave home:

1. Do your research. Make sure the model you’re considering doesn’t have a bad crash-test rating.

2. Determine how you’re going to pay for it. Look at your budget to see if leasing or financing might be right for you.

3. Compare prices online to be confident you’re getting the best possible deal. Think about the accessories you want and find out which dealers offer competitive packages (and don’t be afraid to bargain).

4. Speak to your insurance agent to learn the cost of your premiums for each model you’re considering. Once armed with this information, get behind the wheel and test drive each vehicle before you make your final decision.

5. Verify the vehicle’s history. Before signing on the dotted line, check with the Insuranc Bureau of Canada’s Vehicle Identification Number (VIN) database to verify the vehicle’s history. If the car is priced lower than anticipated, this could be a warning sign. Resist the temptation to make a quick decision.

“As with any big-ticket item, take your time and don’t feel pressured into making an impulse purchase,” says Michel. “Lay it out on paper and sleep on it – this can help you to be confident in your choice.”

For more tips and advice, visit goodhandsadvice.ca.

- News Canada

Posted: Sep 1, 2015

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