COVID-19: Is It a Good Time to Buy a Car?

June 18, 2020

With a substantial shift to online sales and a greater emphasis on health and safety, Canada’s automotive industry is still in operation as an essential business in most provinces. The question for interested car buyers is: Is now a good time to strike and get a great deal on a car?

Albert Einstein is often credited with saying: “In the midst of every crisis, lies great opportunity.”

This universal nugget of wisdom is especially relevant to car shoppers these days.

Whether your current vehicle is sputtering along on its last legs, your lease is maturing, or you just don’t trust public transport anymore, you might be on the lookout for a new daily driver. 

If you’re one of the lucky ones who can afford to shop around during this uncertain time, there are opportunities to snag an unmissable deal. 

Across the nation, Canadian car companies and manufacturers are planning incentives and promotions to encourage more sales. From deep discounts to amazing financing rates, here are some of the deals you can find at dealerships right now in the Great White North! 

We should note here: Many of these offers are only available to customers with good credit. If your credit score isn’t where you’d like it to be, Canada Drives can help. See below.

Toyota

One of the most popular carmakers in Canada, Toyota, has some incredible promotions on now. 

  • You can defer payments for 180 days on a new vehicle purchase when financed through Toyota Financial Services.
  • Current Toyota owners are eligible for up to 1% rate reduction on lease and finance rates for certain new models. 
  • Finance rates on popular models like the Tundra Platinum and 1794 Edition start at 0.99%, Toyota Corolla, Camry LE, Prius Technology AWDe, and Highlander Limited start at 0.49%, and the Toyota C-HR and Camry SE start at 0% financing. 
  • Cash purchase incentives of up to $6,000 are available on the Sequoia TRD Sport, $5,000 on the Avalon Limited, and up to $8,000 on the Tundra Crewmax. 
  • Financial Assist is also available on models like the Highlander Hybrid Limited for up to $5,000, up to $1,500 for the C-HR with Limited Package, and $1,000 Lease Assist on RAV4 AWD Limited.

Ford

Ford is always well ahead of the curve for financial assistance during this outbreak. In Canada, promotions include:

  • A First Responders Appreciation Program gives an extra $1,000 off select new Ford models.
  • Low finance rates like 0% for 60 months on the 2020 Ford Escape and Mustang, 0% for 72 months on the Ford Explorer, EcoSport, and Fusion, and 0% for 84 months on F-150 are available on top of the deferred payment program. 
  • Delivery allowances up to $4,500 on F-150, $3,500 on Mustang, and $7,000 on 2019 Edge make it more affordable to buy now through Ford Credit.

FCA Brands

With Dodge, Chrysler, Ram Trucks, and Jeep under the corporate umbrella, there are plenty of deals available now from FCA. 

  • Chrysler is offering 120 days without payments to qualified buyers and up to $7,650 in discounts.
  • The ever-popular Dodge Grand Caravan has discounts up to $14,670 on the outgoing 2019 model year, and Dodge Durango offers 0% for up to 84 months.
  • All 2019 and 2020 Jeep models like the Gladiator and Grand Cherokee qualify for 120 days without payments at rates as low as 0% for 84 months or take Employee Pricing Plus discounts up to $6,375. 
  • The award-winning 2020 Ram 1500 qualifies for no payments for up to 120 days or cash discounts up to $12,200 on the 2020 Ram 1500 and $15,135 on the 2019 new Ram 1500.

General Motors

Chevrolet and GMC have competitive offers you may want to take advantage of, including: 

  • No payments for up to 180 days on most 2020 models.
  • 0% financing for 84 months on the Silverado 1500/Sierra 1500 and Suburban/Yukon, and up to $9,757 in price adjustments.
  • 0.99% for 84 months on the Equinox/Terrain and $3,807 in price adjustments.
  • 0% financing up to 60 months on the 2020 Colorado/Canyon and up to $3,419 in price adjustments.
  • GMC gives health care personnel an additional $1,000 Heroes Bonus above and beyond your negotiated deal. 

Honda

Except for Quebec, Honda is offering up to 180 days without payments on financed Honda models. As well:

  • Lease a Honda Civic Sedan or Coupe for 1.99% up to 60 months plus a $1,000 lease bonus, or finance at 2.49% for 84 months plus a $1,000 finance bonus.
  • Lease a Honda CR-V Touring for 0.99% for 36 months with $0 down and get a $750 lease bonus
  • Lease the Honda Accord Touring or HR-V Touring from 0.99% for 24 months with $0 down. 
  • Current Honda owners can receive up to a 2% rate reduction as well.

Hyundai 

To help car buyers afford their vehicle in this time of recovery, Hyundai has a few great offers in place: 

  • Defer payments for up to 6 months from the purchase date on a new Hyundai vehicle.
  • Finance a Hyundai Tucson, Santa Fe, Elantra, or Elantra GT for up to 84 months at 0% interest.
  • Finance the Hyundai Accent or up to 60 months at 0% interest.
  • Lease the Elantra for 1.49% for 60 months.

Nissan

Nissan is also offering programs to make it worth a car shopper’s while at this time. 

  • Make no payments for the first six months on most models.
  • Finance at 0% for up to 84 months on 2020 Rogue, 2019 Kicks, 2019 Qashqai, and other select 2019 models.
  • There’s as much as $17,500 cash purchase bonus on 2019 Titan models, $5,000 on 2019 Maxima or 2020 Rogue, Murano, and Pathfinder models. 

Volkswagen

The world’s largest automaker, Volkswagen, is getting in on the action. Their Volkswagen People First Promise includes:

  • Don’t pay for 90 days when financing a new Volkswagen. 
  • Finance a 2019 Tiguan, Jetta, or Golf for 0% APR for 72 months. 
  • Take $3,500 off the cash purchase price of a 2019 Tiguan, $6,000 off 2019 Atlas, $3,000 off Jetta or Golf, $4,000 off Jetta SportWagen or Passat, and $5,000 off a 2019 Arteon.

Kia

One of the most competitive offers during the coronavirus pandemic comes from Kia Canada. 

  • On popular Kia models, Kia pays up the first 6 monthly payments in addition to financing offers. 
  • Finance a 2020 Kia Sorento at 0% for up to 84 months or a 2020 Forte 5, Soul, or 2020 Sportage for 1.99% APR for 84 months.
  • On 2020 Optima models, get up to $4,000 in cash discounts. 
  • Current Kia owners may qualify for an additional 1% rate reduction.

How Canada Drives can help

Since many of the offers mentioned above are only available on approved credit, some shoppers might find it difficult to take advantage of these incentives. And that’s where Canada Drives can help. 

Regardless of your credit situation, we can get you the great deal you’re searching for, and you don’t even need to leave your home! Canada Drives will work with you to get payments deferred for months so you can catch up on bills or tackle the summer project you’ve been putting off instead. You can also qualify for cash back on your purchase. 

Finding your new vehicle is easy with Canada Drives. Get pre-approved online, pick your vehicle, pick your payment, and we can deliver it to your doorstep! It really is that simple!

Find out what great deals you’re eligible for today!

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