How to buy a used car in Canada 2023 | Car Buying Guide

Summary

In this video, the host Igor discusses the complexities of buying a car in Canada, particularly in 2023, amidst the microchip shortage and inflated used car market. He shares personal experiences, including a costly mistake with a rolled-back odometer and the importance of checking documents like Carfax. Igor advises viewers on where to buy, how to negotiate, and the necessity of a mechanic's inspection. He also recommends considering new cars due to the current market conditions and emphasizes the need for self-protection in car purchases.

Takeaways

• 🚗 The car market in Canada is experiencing high prices for both new and used cars due to supply chain issues like microchip shortages.
• 💸 Be prepared for the possibility of paying more for a used car than a new one in the current market.
• ⚠️ Beware of scams and deceptive practices when buying a used car; always check the car's history and maintenance records.
• 🔍 Use tools like Carfax or CARPROOF to verify the car's history, including any accidents or odometer discrepancies.
• 🛠️ Take the car to a certified mechanic for a pre-purchase inspection to identify any potential issues.
• 🏢 Be cautious when buying from dealerships; even though they may offer convenience, they can also have high-pressure sales tactics.
• 🏠 Buying privately can offer better negotiation opportunities and potentially better deals, but it requires more due diligence.
• 👮‍♂️ In case of disputes or scams, don't rely on the police; instead, ensure all agreements are in writing and consider legal advice.
• 💼 The salespeople in car dealerships are motivated by commissions, so be cautious of their recommendations and focus on your own research.
• 🌐 The global logistics situation is starting to improve, which may lead to a decrease in car prices in the future, making it wise to wait if possible.

Q & A

What is the main topic of the video script?

The main topic of the video script is about how to buy a car in Canada in 2023, including advice on dealing with the current car market situation and avoiding scams.

Why is the car market situation in 2023 considered unusual according to the speaker?

The car market situation in 2023 is considered unusual because used cars are sometimes more expensive than new ones due to factors like microchip supply shortages, and there are high interest rates for car loans.

What is the speaker's profession and how does it relate to his advice on buying a car?

The speaker is a realtor with Exp Realty in Calgary, Alberta. His profession as a salesperson gives him insight into sales tactics, which he uses to provide advice on buying a car.

What is the speaker's experience with buying cars?

The speaker has bought several cars, including a Toyota Echo, Hyundai Santa Fe, Honda Civic, and a Toyota Highlander. He has also helped a friend purchase a used Jeep.

What was the mistake the speaker made when buying a Hyundai Santa Fe?

The speaker's mistake was not checking the Carfax or CarProof report, which would have revealed that the odometer had been rolled back, indicating the car had more mileage than stated.

Why does the speaker recommend taking a car to a mechanic when buying it used?

The speaker recommends taking a car to a mechanic to identify any potential issues or problems that may not be immediately apparent, ensuring the buyer is making an informed purchase.

What is the importance of checking the Carfax or CarProof report before buying a used car?

Checking the Carfax or CarProof report is important because it provides the car's history, including maintenance records, mileage, and any accidents or issues, which can affect the car's value and safety.

What are some of the risks associated with buying a car from a private seller?

Risks of buying from a private seller include the possibility of undisclosed accidents, rolled-back odometers, and lack of a warranty or return policy. It's also harder to verify the car's history without proper documentation.

Why might buying a new car be a better option in the current market situation according to the speaker?

The speaker suggests that buying a new car might be better because the used car market is overpriced due to supply shortages, and new cars might retain their value better if the market situation changes.

What advice does the speaker give regarding negotiating the price when buying a car privately?

The speaker advises to be open-minded and use negotiation skills, especially when dealing with sellers who may be in urgent need of money, to potentially get a better deal on the car.

What is the speaker's opinion on the Canadian police's handling of car fraud cases?

The speaker believes that the Canadian police are often unresponsive to car fraud cases, treating them as civil matters rather than crimes, and advises people to be proactive and rely on themselves to avoid scams.