Five top reasons you should buy a car right now and not wait six months

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1. 📈 Current loan rates are still near historic highs — and could move higher

• In Canada, the average car loan rate is 6.86% as of July 4, 2025, up significantly from around 3.9% in 2017 Loans Canada+1Reddit+1finder.com+1Spring Financial+1.

• In the U.S., as of mid‑July 2025, the average APR on a 60‑month new‑car loan is 7.27% Bankrate.

• Meanwhile, the Bank of Canada’s target rate has been steady at 2.75% since June 4, 2025, but it was just 3.00% in January — with a cut in March Bank of Canada.

• Canada’s prime rate sits at 4.95% now WOWA+1Wikipedia+1.

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Bottom line: You’re currently paying higher borrowing costs.

2. Rates could stay high or even go up in 6 months

• Though economists expect cuts next year, only 27% predict the overnight rate will fall to 2.50% by March 2026 finder.com.

• Lingering inflation and trade uncertainties keep central banks wary — meaning they may hold or even hike rates again WOWAWikipedia.

• Even if base rates fall, it often takes time for lenders to pass rate cuts on to auto loans — and promotional dealer financing might vanish.

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Conclusion: Waiting might not mean cheaper rates sooner — and you could rent finance at current levels longer.

3. Car prices won’t necessarily drop — and could climb

• Reddit users warn that anticipated dips in used-car prices haven’t happened:

  “I’ve been telling myself the used prices will go down for like 5 years now… still hasn’t happened.” WOWA+1Bank of Canada+1Reddit“As interest rates are predicted to come down … prices of used cars will come down dramatically. If you can hold off … that’s your best bet!” Reddit

• In reality, when rates do fall, they often boost demand — offsetting any price improvements Reddit.

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Bottom line: Even with lower rates, car prices may hold steady or rise — so waiting might just delay the sticker shock.

4. Promotional financing deals may disappear

• Some dealerships and brands offer standout rates:

  • GMC: 1.99% for 60 months (Hummer EV)

  • Chevrolet: 4.99% for 84 months (Blazer)

  • Mitsubishi: 3.94% for 84 months (Outlander PHEV) Spring Financial

• But these promos are limited-time offers. If you delay, those specials may be long gone — and upcoming models may come with less attractive financing.

Tip: If you spot a strong in-house financing promo on a vehicle you want, striking now can save you significantly.

5. Delaying has real “opportunity” costs

• Monthly payments climb quickly: A 6% vs. 7% APR on a $40,000 car adds roughly $53/month, or ~$1,900 over 5 years.

• Maintaining or growing your current car may cost more in repairs and downtime.

• Locking in today’s loan means payments are fixed — avoiding risk of future rate jumps.

• If you need a car for work or family, a purchase delay can hurt productivity, flexibility, and lifestyle.

  
  

📊 Side-by-Side: Now vs. 6 Months From Now?

Factor	Buy Now	Wait 6 Months
Auto loan APR	~6.8–7.3%	Possibly lower—but not guaranteed
Base interest rate	2.75% (prime 4.95%)	Could remain, shift, or stabilize
Car purchase prices	High, but with current promos	Likely unchanged or higher
Promotional incentives	Available now	Likely diminished or gone
Monthly cost & lock-in	Predictable payments	Higher payments likely
Opportunity/downside	Immediate use, avoid rising costs	Delayed benefits, risk of higher cost

💡 Final Takeaway

1. Auto loan rates are high now — and may stay that way

2. Car prices aren’t guaranteed to drop; waiting could cost more

3. Financing promos are fleeting — grab them while available

4. Delaying means more risk and missed opportunities

👉 So unless you’re absolutely certain rates are plunging — patience alone won’t guarantee savings. With steady demand and no signs of a price crash, today’s conditions arguably offer the best mix of financing deals and market certainty.