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Business of the Year Awards

5 Myths About Purchasing a Vehicle


3 minute read

“I can get a better interest rate at my own bank”

Interest rates will depend on the way you’re borrowing the money, and for
how long. A dealership sells many auto loans each month, which pushes
lenders to be very competitive in order to earn business. We highly
recommend asking your dealership what the best rate they can offer is
before you make a purchasing decision.

“The end of the month is the best time to buy”

Dealerships always have a momentum push at month’s end in order to offer
the manufacturers current incentives before they expire. Most consumers
will shop during the month with these incentives in mind, and then make their
final decision near the end of the month. There are times some dealerships
have targets to achieve and depending on the store, and vehicle, you could
get a better deal.

“Paying Cash gets you a better deal”

This was true many years ago, but as noted in Item 1, Lenders try to entice
dealerships to use them. This often allows your dealership to offer you more
competitive pricing on a vehicle.

“A New vehicle will depreciate 50% the moment I drive away”

Manufacturers use new vehicle incentives with low interest rates for buyers.
Once a vehicle is traded in and sold as used, the consumer purchasing that
vehicle will pay interest rates anywhere from 4-7%, which can make the
payment the same and sometimes higher than it was for a new vehicle. This
is especially noticeable when a vehicle is traded in within the first year of
ownership as the trade value can be substantially less than the original
MSRP. This is because the dealership must price the used vehicle as compared
to a new one. We’ve found that the ideal amount of time to own a vehicle
before trade in is 3-4 years.

“A lower price or payment means I got a better deal”

We highly advise consumers to review all the documents they sign; some
dealerships use payments to sell the vehicles and graze over the final numbers.
You must consider the total cost of financing, ensure you have an open loan
that can be paid out at any time, and know if there will be a balance owing
at the end of the term.

Learn more.

Kipp Scott GMC Cadillac Buick is a family-owned business that has proudly served Red Deer, and all of Alberta, for over 50 Years since first opening our doors in 1968. Treating our customers with respect has always been our number-one priority, and we believe when it comes to selling vehicles, honesty is the best policy. Rest assured we’ll do everything we can to make sure you leave our dealership 100% satisfied.

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Premier Jason Kenney shares photos of the Keystone XL pipeline crossing the Canada US border.

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Alberta Premier Jason Kenney announces that shovels are in the ground in Alberta, Saskatchewan and parts of the United States on the Keystone XL pipeline expansion.

On Saturday, the day after Alberta premier announced at a press release that after the province made a $1.1 billion dollar equity investment in the Keystone XL pipeline, that shovels were already in the ground. Jason Kenney shared pictures on social media pictures of the pipeline crossing into the United States along the Saskatchewan border.

Keystone XL pipeline construction shows progress as it crosses the border into the United States from Saskatchewan

A long with the initial investment to get the pipeline project going again, the province will also provide an additional $4.2 billion in loan guarantees to help developer TC Energy start construction immediately. Kenney has said that the government had been negotiating with the company for months, and that no private sector bidders were ready to finance the project at this time. “In other words,” Kenney has said, “without this investment by Alberta, the pipeline would not be built.”

The project when completed, “in the spring or summer of 2023 will connect Canada’s oil sands with refineries in the United States. The pipeline is critical to the long-term future of Alberta’s oil industry, which has maxed out its capacity to bring oil to foreign markets using rail. Cars and existing pipelines. The Keystone XL pipeline will carry 830,000 barrels per day south from Alberta to a number of locations in the states.

Aside from announcing that, “construction is well under way” Kenney also added, “Our historic investment in getting a major pipeline built, creating good, high paying jobs – one of the reasons was to get work moving now in this construction season and throughout 2020.”

Alberta faces a long road to an economic recovery once the country can get past the Covid- 19 pandemic, Kenney is staying positive, “This investment will create 7,000 jobs, directly and indirectly here in Alberta this year alone. We believe that Alberta’s government will receive back at least 30 billion dollars in additional royalties and other revenues because of the additional shipments that Keystone XL will make possible.”

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Add another Edmonton big event; ITU World Triathlon Cancelled

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From organizers of the ITU World Triathlon

With the health and safety of our athletes and community our top priority, and based on the directive from Alberta Canada’s chief medical officer of health, the organizers of the 2020 World Triathlon Grand Final Edmonton are announcing that the Grand Final that was scheduled for August 17-23, in Edmonton, Alberta will unfortunately not take place in 2020.

Alberta’s chief medical officer of health Dr. Deena Hinshaw clarified this Thursday, saying: “mass gathering restrictions currently in place also apply to all summer events or festivals in Alberta.

Those restrictions prohibit gatherings of more than 15 people and require people gathered in groups of fewer than 15 to maintain a distance of two metres from one another”.

The Edmonton organisers, Triathlon Canada and World Triathlon want to share their deep disappointment that this event will not be able to take place as planned, despite all efforts from all the parties involved, but absolutely understand that the  current global situation with the COVID-19 outbreak make it impossible for the event to happen at this stage.

World Triathlon, along with the Edmonton Organizing Committee, the City of Edmonton and all stakeholders and the community partners  will continue to work closely together to find new options for the event to take place in the future, when it is safe to do so.

Our hearts and thoughts remain with our many front-line workers and those affected by this global crisis.

Updated summer rules for gathers over 15 cancels most events till September.

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