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Car Finance | May 26, 2023

Car Finance vs. Car Lease: Which is Better?

In this blog, we help you understand the difference between car financing and leasing to determine the best option for your needs. Explore the pros and cons, ownership benefits, monthly payments, personalization options, and more.

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Credit Tips | May 24, 2023

How to Improve Your Credit Score

Learn how to improve your credit score and take control of your financial future. Find out the factors that influence your credit score and the steps you can take to enhance it.

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Car Guide | May 22, 2023

Pros and Cons of Investing in Plug-in Hybrid Cars

Explore the pros and cons of investing in plug-in hybrid cars (PHEVs) in our informative blog. Learn about how PHEVs work, the charging infrastructure needed, and the advantages and disadvantages compared to fully electric vehicles.

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$Don't you dread the idea of shelling out thousands of dollars for a brand-new car, only to see its value drop as soon as you drive it off the lot? And as gas prices seem to be on an endless upward trajectory, it's no wonder why so many people are feeling the pinch of owning a car. The cost of gas alone can make you want to sell your vehicle and take up hitchhiking. So, what's the next best alternative to buying a new car? Owning a used car! By purchasing a used car, you can avoid the steep depreciation that new cars experience in their first few years and enjoy a vehicle that is just as reliable and functional as a new one but at a fraction of the cost. Not only do they often come at a much more affordable price point, but they also tend to have lower insurance rates and a wider range of options to choose from. So, whether you're a first-time car buyer or a seasoned veteran looking for a change, buying a used car might just be the way to go. Here are the top five reasons for you to buy a used car in 2023: 1. Buying a used car saves money Choosing a used car instead of a new one can result in substantial savings in various ways. Not only will the initial sticker price be lower, but you'll also spend less on fees, insurance, and depreciation. Buying a used car also opens up possibilities for upgrading to a bigger, more luxurious, or technologically advanced model with the extra funds you saved. Even a car that's just a year or two old can save you significant amounts of money compared to buying a brand-new one. 2. Used cars have less depreciation Despite the attractive perks that come with purchasing a new car, such as free maintenance and warranties, the reality is that cars lose their value over time. This makes buying a used car a much more cost-effective option. New cars can lose up to 20% of their value within the first year of purchase, making them a risky investment, especially if you're borrowing money to pay for it. In contrast, used cars depreciate at a much slower rate, providing a more stable loan-to-value ratio. Additionally, shortages in new car production have caused some vehicles to depreciate at a slower rate or even gain value, making investing in a decent used car a potentially great decision. 3. Used cars have lower insurance costs Your insurance company considers your car's value when determining the rates you pay. Suppose a new car is involved in an accident. In that case, the insurance company faces higher repair costs and charges more. Repair costs are typically lower for a used car, resulting in a lesser insurance fee. There are other factors that can impact insurance costs, including age, driving history, credit score, mileage, and location. However, in general, insurance for a used vehicle tends to be lower due to the lower value of the car. It's important to note that insurance rates can vary, so it's crucial to compare rates and research your expected auto insurance cost before making a purchase. 4. Certified pre-owned option Buying a used car can be an intimidating experience due to the potential for hidden issues. Many buyers prefer new cars with warranties, but certified pre-owned (CPO) programs have alleviated some of these concerns. It's important to note that CPO programs vary by manufacturer, and there is a difference between dealership and manufacturer certifications. Manufacturer certification typically provides more benefits, such as car warranties and roadside assistance. Some used car dealerships offer their own warranties that match those provided by new car dealerships. Purchasing a certified pre-owned car can provide peace of mind as these vehicles meet the manufacturer's standards and come with a guarantee against defects, similar to a new-car warranty. To find a CPO vehicle, check dealership inventories and research online beforehand. 5. No additional costs for customized features When purchasing a new car, customized features come with additional costs that add up as you add more to the vehicle. On the other hand, used cars come as is, with no extra fees for any previously customized features. This means that you may not have the same level of customization as with a new car, but you won't pay for any extra features that you don't need or want. Here's what you need to know about taxes while buying a used car Taxes can be perplexing if you haven't purchased a vehicle before. To avoid any surprises when you see the car's final price, here's a quick breakdown to help you understand the taxes. The Ministry of Finance determines your tax rate based on the price you paid for the vehicle or the Red Book wholesale value of the vehicle, whichever is greater. You can find the Red Book value in the Used Vehicle Information Package (UVIP) given by the seller. Even if you paid less than the Red Book value for the vehicle, the Red Book value still determines the taxes you pay. Once you have purchased the vehicle, you'll need to pay a 13% retail sales tax (RST) on the motor vehicle, regardless of whether you bought it from a private seller or a dealer. Many CPO cars also come with additional warranties, so be sure to understand the coverage length and what is included. Process of registering a car in Ontario To register your newly purchased vehicle in Ontario, Canada, you must visit Service Ontario. You will be required to pay a $32 vehicle permit fee and a $59 license plate fee for registration. It is important to note that you have six days from the date of purchase to complete the registration process. In addition to the fees, there is a 13% tax rate that applies to the purchase of a vehicle in Ontario. It is also necessary for buyers to receive a Used Vehicle Information Package (UVIP) from the seller, which contains essential information needed for vehicle registration. Furthermore, a Safety Standards Certificate must be presented during registration to ensure that the vehicle meets the required safety standards. Factors to consider while buying a used car: Fuel economy is an important factor to consider when buying a used car, as it affects cost and range Cargo capacity is essential for those who need to transport goods or people regularly Engine size affects power and fuel economy, so it's crucial to find a balance between the two Safety ratings and features should be considered to ensure the vehicle is safe to drive Mileage should be taken into account, and research should be done on the longevity and maintenance of the vehicle Which is better - buying from private sellers or car dealerships? Private sellers offer little security or warranty, and it's harder to determine fair pricing or financing options. In contrast, used car dealers offer more security and warranty options, fair pricing, financing options, a wider variety of choices, and expert advice. It's easier and less stressful to buy from a dealer who can guide you through the process and recommend a car that suits your needs and budget. How can we help? At Approval Genie, we work with various lenders to help you find an affordable financing option that fits your budget. We know that navigating the world of car buying can be daunting, but with our experienced advisors by your side, you'll feel confident and secure in your purchase decision. We make buying a used car easier than ever by simplifying the process and providing financing assistance to those who need it. Let us help you find the perfect car for your needs and budget.$

Car Guide | May 19, 2023

Top 5 Reasons to Buy a Used Car in 2023

Discover the benefits of buying a used car in 2023 and why it may be a smarter choice than purchasing a new one. In this blog, you will learn about taxes and the registration process in Ontario, as well as factors to consider when buying a used car.

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Car Finance | May 17, 2023

10 Common Car Loan Myths Explained

Discover the truth about car loans and debunk common myths in this informative blog post. From securing a loan with bad credit to understanding 0% financing, down payments, and loan rejections, gain the knowledge needed to make informed decisions and find the best car loan for your financial situation.

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Car Maintenance | May 15, 2023

10 Useful Tips to Maintain Your Car's Air Conditioning System

In this blog, you'll discover 10 useful tips to maintain your car's air conditioning system and stay cool throughout scorching summer days. Say goodbye to hot, stuffy drives and ensure a comfortable ride with these valuable maintenance techniques.

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Car Guide | May 12, 2023

Top 14 Hybrid SUVs in Canada

With fuel prices and emissions regulations increasing, hybrid SUVs are becoming popular among families who want to travel comfortably and be environmentally conscious. Find out more about the spacious interiors, powerful performance and impressive fuel efficiency of these top-rated hybrid SUVs in Canada.

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Car Maintenance | May 10, 2023

Summer Car Maintenance Tips for Canadians

Get your car ready for summer with our expert maintenance tips! From checking your tires and fluids to making sure your air conditioning and wipers are working properly, our checklist will help you prepare your vehicle for the upcoming season. Keep your vehicle running smoothly and enjoy a safe and comfortable summer driving experience.

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Driving Tips | May 8, 2023

Your Ultimate Guide to Passing the G Test in Ontario

Looking to pass your G test in Ontario? This guide has got you covered. From understanding the licensing process to important tips for passing the test, learn everything you need to know to become a fully licensed driver in Ontario.

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How To Renew Your Ontario License Plate - Your Complete Guide

Car Maintenance | May 5, 2023

Ontario License Plate Renewal: Your Complete Guide

Renew your Ontario license plate without paying the annual sticker fee. This guide simplifies the renewal steps and explains fees and eligibility for refunds. Additionally, it offers tips to avoid fines for driving with expired plates or driver's licenses.

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