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

August 7, 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. 

    • Toyota Corolla starts at just 0.49% financing with up to $500 in Finance Assist.
    • 2020 Prius Technology financing begins at 0.49%.
    • The ever-popular 2020 Camry SE has lease and finance rates as low as 0%, or up to $1,500 cash purchase incentives.
    • Minivan buyers should check out the 2020 Sienna CE/LE starting at 0.49% interest on financing, along with up to $2,000 in Finance Assist.
    • Toyota Tacoma models have cash purchase incentives of up to $6,000.
    • Tundra offers include finance and lease rates as low as 0.99% or cash purchase incentives ranging up to $8,000.
    • Highlander Limited V6 AWD has finance rates from 0.49% along with cash incentives up to $2,000.

    Ford

    Ford Employee Pricing is going on for the month of August. In Canada, Ford promotions include:

    • Low finance rates like 1.99% for 72 months on the 2020 Ford Escape and F-150, 0.99% for 72 months on the EcoSport, Ranger, Mustang, and Fusion, and 0.49% for 72 months on Edge and Explorer are available. 
    • Price adjustments of up to $3,200 on EcoSport Titanium, $4,700 on Escape Titanium, $6,500 on 2020 Edge Titanium, $6,000 on Explorer Platinum, $9,700 on Expedition MAX Platinum, $16,000 on F-150 Limited, $8,000 on Mustang, and $5,400 on Fusion Energi Titanium 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 up to $7,200 in discounts on the 2020 Pacifica in the Employee Pricing Plus promotion.
    • The ever-popular 2020 Dodge Grand Caravan has discounts up to $12,195.
    • 2020 Jeep models like the Cherokee, Compass, and Grand Cherokee qualify for rates as low as 0% for 84 months. Wrangler offers up to $6,250 in total discounts while the Gladiator has up to $6,750 off with Employee Pricing Plus discounts.
    • The award-winning 2020 Ram 1500 is available to finance for 0% up to 84 months. 2019 Ram Classic has cash discounts up to $16,175 while 2019 Ram 2500 has up to $9,450 in total discounts.

    General Motors

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

    • 15% off MSRP Cash Purchase Credit on in-stock 2020 models. 
    • That equals up to $12,112 off 2020 Silverado/Sierra 1500, $6,855 off Equinox/Terrain, $5,398 off Colorado/Canyon, $8,930 off Traverse/Acadia, $8,211 off 2020 Blazer models, and $11,763 off Camaro models. 
    • Get 3.49% financing rates for 84 months combined with the cash incentives.
    • 2020 Bolt EV purchase financing is available for 1.99% for 84 months before government rebates.

    Honda

    Honda has changed its incentives for the month of August. They now include: 

    • Lease a Honda Civic Sedan or Coupe for 0.99% up to 48 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 Honda bonus
    • Lease the Honda Pilot for 36 months at 0.99% 
    • Lease the Honda Accord Touring or HR-V Touring from 0.99% for 24 months with $0 down. 
    • Some regional deals are also available on other models.

    Hyundai 

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

    • The Factory Authorized Clear Out event includes up to $4,000 in price adjustments on models like the Tucson Ultimate AWD.
    • Finance a Hyundai Tucson Essential FWD, Santa Fe, Elantra, or Elantra GT for up to 84 months at 0% interest.
    • Finance the new 2020 Hyundai Venue or Kona essential FWD at 1.49% for 84 months.
    • Finance the Hyundai Accent or up to 60 months at 0% interest.
    • The Ioniq Hybrid can be financed at 0.99% for 84 months with $995 down, and a $1,500 Charge-up Bonus is also available.
    • 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. 

    • Finance at 0% for up to 84 months on 2020 Rogue and 2019 Micra.
    • Receive 0% financing for 60 months on Murano and Pathfinder.
    • There’s as much as $17,500 cash purchase bonus on 2019 Titan models, $2,000 on 2019 Altima, $3,500 on 2019 Frontier, $1,750 on 2019 Micra, $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. 
    • Volkswagen includes 4 years of complimentary maintenance on select 2019 models.
    • Get up to %6,000 off cash purchase on 2019 Atlas OR finance at 0% for up to 60 months.
    • Finance a 2020 Tiguan for 0% APR for 36 months OR receive $2,000 cash purchase discount.
    • Take $4,000 off 2019 Golf SportWagen or Finance for 70 months at 0%.
    • Finance a 2019 Golf or Jetta for 0% up to 72 months or take $3,000 off the cash purchase price.

    Kia

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

    • On popular Kia models, Kia continues to offer up the first 6 monthly payments in addition to financing offers. 
    • Finance a 2020 Kia Sorento, Soul, Optima, Stinger, or Sportage at 0% for up to 84 months, or 1.99% APR for 84 months on a Sedona.
    • On select 2020 models, take another $750 off.
    • Current Kia owners may qualify for an additional 1% rate reduction.
    • First responders receive an additional $500 off.

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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