The Bank of Canada announced on May 29th its decision to hold the benchmark interest rate steady at 1.75 per cent for the time being. Thus far, the central bank has offered no indication on whether it will resume hiking the rate in coming months.
This is welcome news for the numerous Canadians who will choose to finance their car purchase between now and July 10th, when the Bank of Canada expects to make its next rate announcement. According to J.D. Power and Associates, over 75 per cent of new vehicle purchases excluding leases were either entirely or partly financed.
Automakers often offer zero-per-cent interest rates as an incentive to draw in prospective customers. To sweeten the deal, some automakers may also offer additional cash rebates in addition to their already low interest rates.
We’ve featured some of our favourite offers this week from automakers that offer zero-per-cent financing coupled with additional cash rebates. If you don’t find an offer that suits you, be sure to check out the Globe Drive Build and Price Tool to see the latest incentives and discounts on any new car, truck or SUV.
Hyundai
The 2019 Hyundai Tuscon.David Dewhurst Photography/Handout
During Hyundai’s Big Summer Savings event, customers can take advantage of zero-per-cent financing for up to 72 months on a number of models, such as the Santa Fe, Elantra, Veloster as well as the Tucson.
The 2019 Hyundai Tucson was facelifted for the 2019 model year, now featuring Hyundai’s cascading front grille and redesigned headlights and taillights. When powered by a 2.0-litre turbo engine, the 2019 Tucson generates 161 horsepower and 150 lb.-ft. of torque. The Preferred 2.0 trim’s notable features include a restyled freestanding seven-inch infotainment display, Android Auto and Apple CarPlay compatibility, heated front and rear seats, forward collision-avoidance assist, lane-keep assist and blind spot collision warning.
2019 Hyundai Tucson Preferred 2.0 All Wheel Drive Automatic
- MSRP: $29,999
- Manufacturer cash incentive: $2,500
- Estimated dealer discount: $250
- Freight, PDI, government fees: $1,935
- Cash purchase price before tax: $29,184
- Finance for 72 months at zero per cent interest for $482 per month including tax, which includes a $1,000 manufacturer incentive and assumes zero down payment
- Lease for 48 months at 1.99 per cent interest for $414 per month including tax, which includes a $500 manufacturer incentive and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
Mitsubishi
The 2019 Mitsubishi RVR.
Zero-per-cent financing for up to 60 months is currently available on most Mitsubishi models, including the Outlander, Eclipse Cross and RVR.
The 2019 Mitsubishi RVR SE Limited trim makes 168 horsepower and 167 lb.-ft. of torque through a 2.4-litre, four-cylinder MIVEC engine, mated to a continuously variable transmission. Most trims come standard with All-Wheel Control, Mitsubishi’s proprietary all-wheel drivetrain. Highlights on the SE Limited trim include a seven-inch infotainment display, Android Auto and Apple CarPlay compatibility, heated front seats and a leather-wrapped multifunction steering wheel with paddle shifters, automatic headlights, LED daytime running lights and taillights and side-view mirror-integrated LED turn signals. The SE Limited trim also features a drive-mode selector that allows the driver to switch between two-wheel drive, four-wheel drive and automatic modes based on their driving preferences.
2019 Mitsubishi RVR SE Limited AWC
- MSRP: $28,998
- Manufacturer cash incentive: $2,500 (applied after tax)
- Estimated dealer discount: $500
- Freight, PDI, government fees: $1,955
- Cash purchase price before tax: $28,241
- Finance for 60 months at zero per cent interest for $536 per month including tax, which includes a $2,250 manufacturer incentive (applied after tax) and assumes zero down payment
- Lease for 48 months at 0.99 per cent interest for $348 per month including tax, which includes a $2,250 manufacturer incentive (applied after tax) and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
Kia
The 2019 Kia Sorento.
For a limited time, customers can take advantage of zero-per-cent financing on the 2019 Kia Sorento, the automaker’s bestselling model in Canada.
The 2019 Kia Sorento received a facelift and features enhancements such as a refreshed front fascia, a redesigned centre console, a standard seven-inch infotainment display and additional active safety features on higher trims. The 2019 Kia Sorento is available with either a 2.4-litre, 185-horsepower four-cylinder engine or a 3.3-litre, 290-horspower V-6. The EX V-6 trim features a seven-inch infotainment display, Apple CarPlay and Android Auto compatibility, wireless cellphone-charging capability, leather-upholstered seating for up to seven passengers, heated front seats, push-button ignition and a heated and leather-wrapped multifunction steering wheel. On its exterior, the 2019 Sorento EX V-6 sports automatic projector-beam headlights, fog lights, power-folding sideview mirrors with integrated turn signals and windshield-wiper-deicing capability.
2019 Kia Sorento EX V-6 All Wheel Drive
- MSRP: $38,665
- Manufacturer cash incentive: $3,500
- Estimated dealer discount: $500
- Freight, PDI, government fees: $1,925
- Cash purchase price before tax: $36,590
- Finance for 60 months at zero per cent interest for $736 per month including tax, which includes a $1,000 manufacturer incentive and assumes zero down payment
- Lease for 48 months at 2.99 per cent interest for $589 per month including tax, which includes a $1,000 manufacturer incentive and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
Ford Edge
The 2019 Ford Edge.Handout
In addition to the 2019 Edge, Ford is offering zero-per-cent financing on several other models in its lineup, including the Escape, F-150, EcoSport and Mustang.
The 2019 Ford Edge delivers 250 horsepower and 280 lb.-ft. of torque when equipped with a turbocharged 2.0-litre EcoBoost engine. The 2019 Edge sports a refreshed appearance, which includes a redesigned front grille, headlights and rear fascia. The Edge also features several enhancements that are standard across all trims, such as an eight-speed automatic transmission, engine start-stop functionality, a rotary-dial gear-selector, rain-sensing windshield wipers, pre-collision assist with pedestrian detection, automatic emergency braking and automatic high-beams. Additional features on the SEL trim include remote engine ignition and LED exterior lighting.
2019 Ford Edge SEL All Wheel Drive
- MSRP: $40,099
- Manufacturer cash incentive: $1,500
- Estimated dealer discount: $1,000
- Freight, PDI, government fees: $1,980
- Cash purchase price before tax: $39,579
- Finance for 60 months at zero per cent interest for $745 per month including tax, which includes a $1,500 manufacturer incentive and assumes zero down payment
- Lease for 48 months at 0.49 per cent interest for $549 per month including tax, which includes a $1,500 manufacturer incentive and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
Andrew Tai is CEO of Unhaggle. Follow on Twitter @ahytai
Manufacturer incentives and pricing calculations are based on Ontario customers and subject to availability of inventory. Dealer discounts shown are estimates for illustrative purposes only, may vary by region and are given at the discretion of individual dealers. Please note that while every effort is made to ensure the information above is accurate at the time of publication, pricing, incentives and discounts are subject to change or discontinuation at any time. Vehicle images may not represent the exact model featured in the pricing provided. Consult your local dealership for details.
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