It’s been more than two years since the start of the pandemic, and beyond the impacts on health and wellness, we’ve also seen decimated supply chains across the world, first with closed factories, then with transportation, shipping and staffing challenges.
At the same time, the market for most products has gone up exponentially, especially for vehicles, with borrowing rates over the last few years at an all time low. This allowed consumers to afford the extra expense on the new higher prices for vehicles, mortgages and other purchases.
However, that’s starting change with higher rates coming, says Brendan Kernaghan, Sales Manager at Galaxy Motors in the Comox Valley.
As the Bank of Canada aims to normalize monetary policies by raising both fixed and variable interest rates across all options of borrowing, including vehicles, major lenders are also predicting an additional two points added to the Prime Rate of Canada this year to help curb inflation, he says.
How this affects vehicle buyers
Galaxy Motors has a 32-year relationship with vehicle lenders in Canada – giving them an edge in understanding what borrowing is going to look like in the near future, and in getting you approved at the best rate on a used vehicle, Kernaghan says.
In fact, ever since late owner Phil Dagger turned a $10k family loan into the first Galaxy Motors location in Colwood-Victoria in 1990, they’ve worked to provide value to the Island’s vehicle shoppers. So while some new car dealers may be struggling to fill their lots, Galaxy’s seven locations, and wide selection of pre-owned cars, trucks and SUVs ensure a good selection – a whopping 450-500 vehicle options on average, Kernaghan says.
“What makes Galaxy stand out is that there’s a vehicle for everyone,” he says. “And right now is the best time to capitalize on that selection with our low-rate finance options.”
Here in the Comox Valley, Galaxy Motors Courtenay was established six years ago at the top of Ryan Road Hill, with a commitment to providing quality customer service – a commitment that doesn’t end after you purchase your vehicle or leave the Service Department. The goal is to build a lasting relationship so you can feel confident with your purchase or vehicle repair.
“We don’t just want you as our customer, we also want to help your family and friends with their vehicle needs,” Kernaghan says.
“Since Galaxy Motors in Courtenay opened its doors we’ve strived to provide the best quality used vehicle selection on the North Island, and with 75 to 100 used vehicles on the lot throughout the pandemic, there’s no doubt that we have accomplished that.”
Visit them on Facebook and Instagram or come down and check out their selection at 605 Crown Isle Blvd.