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Lifting the curtain of secrecy covering many of its activities, Tesla recently offered glimpses into its expanding presence in Canada, where this innovative automaker is building some of the “machines that build the machine”, in the words of Elon Musk, its visionary founder.

Released just in time for Thanksgiving, a video introduces its team in Ontario, where new custom manufacturing equipment is being designed and built, that will subsequently be used in its assembly plants elsewhere in the world.

Third Quarter Progress Report

As Tesla was presenting its 3Q 2021 earnings, interest focused on delivery of the first vehicles powered by 4680 cells. Chief Technology Officer Drew Baglino confidently mentioned early 2022, asserting that structural aspects, as well as battery, crash, range, and reliability testing would be completed by the end of the year.

While stressing that the main focus is on quality for producing these battery cells, he issued a [...]

A perfect storm of adverse factors is driving an upsurge in gas pump prices, which may soon see Canadian gas stations charging prices close to a twoonie. For drivers all over North America, higher pump prices are becoming a significant pain point. 

However, local gas stations are only now starting to catch up with the rest of the world, where energy prices have been skyrocketing for months. At the international level, surging oil prices and the foreign exchange rate for the Canadian dollar are pumping up pressures. 

Global Fuel Prices Soar

Experts believe there’s a good chance that oil will top a $ 100 a barrel in the next few months: up 20% from current levels of around $ 85. There are also forecasts that gas prices might top two dollars a litre in some areas of Canada during 2022. 

Places like Labrador and Newfoundland – which already have of the highest [...]

No longer a science fiction favourite, self-driving vehicles are here to stay – especially in Canada. Right on the cutting-edge of this revolution in the automobile industry, artificial intelligence is already taking the wheel, while drivers can relax during commutes and longer trips.

The race is on, and the runners include household names like BMW, GM, Nissan, Tesla, Toyota, Volvo, and even Uber. Related industries – like auto loans and insurance – are also gearing up for this exciting new stage, making sure that these innovations fit smoothly into family budgets.

How Self-Driving Cars Work

Encompassing a vast range of interrelated devices that exchange data among themselves, the Internet of Things (IoT) pervades our daily lives in devices like smartphones and coffee makers. It is also flourishing at the industrial scale, keeping the components of huge machines working smoothly.

In an autonomous vehicle, many complex systems intercommunicate constantly: video cameras and radar sensors [...]

The auto industry is taking what is perhaps its biggest leap forward since Henry Ford invented the production line. Self-driving vehicles are lining up at the starting gate, ready to revolutionise the entire transportation sector.

It’s an exciting – and challenging – time for everyone involved in moving people and goods around the world, from fuel suppliers to car financing institutions. Nowhere is this technological effervescence more apparent than in Ontario today, where its Autonomous Vehicle Innovation Network (AVIN) is endowing self-driving technology with an added boost.

Raring to Go

With an IT cluster that ranks second by size in North America, Canada is firming up its position as a pack leader for automotive excellence. Assembling over two million vehicles each year in its plants, backed by incentives that make auto-financing more affordable, Ontario is a natural crossroads for the driverless vehicle revolution.

Much autonomous technology is already slotted seamlessly into modern vehicles: [...]

Getting-Back-on-the-Road-after-Bankruptcy.webp

Although possibly embarrassing at the personal level, filing for bankruptcy is far from synonymous with financial ruin. With a little care and effort, people facing hard times can rebuild their good reputation and re-establish relationships with lenders.

In fact, bankruptcy is fairly common. Government statistics show that one out of six Canadians will apply for bankruptcy or file a consumer proposal at least once in their lifetimes. With many of them needing to finance their vehicles as they reconstruct their lives, companies have been set up to help them get through this difficult stage with the least possible stress.

Tough but Fair Conditions

Although requirements may be more stringent, with higher interest rates, lenders today are far more willing to work with people struggling through financial quicksands. What a bankrupt borrower doesn’t need is to be turned down by a string of banks and dealerships, as repeated hard queries harm their [...]

In today’s online world, traditional financial institutions – like banks and credit unions – aren’t the only places offering auto loans. In response to rising demands from their customers, dealerships and online retailers also offer a wide variety of financing options. This is a smart choice, particularly for second-hand vehicles.

Although faster and easier to negotiate, buying a car privately cuts back on the available financing options: basically, cash or a bank loan. However, buyers with black marks on their credit scores may find their account managers less than welcoming. Other private-sale risks include hidden flaws and even ownership scams, particularly on deals touted as ‘Quick Sale Bargains’.

In contrast, online retailers and dealerships are linked to a wide range of lenders, specialised in working with low or even no-credit customers. An additional benefit: buying a car from a recognised business offers peace of mind, knowing that the vehicle has been professionally inspected and [...]

Everyone has to move around in their daily lives, of course. But having a car makes it so much easier to run errands and commute to work or class. However, poor credit can be an obstacle when trying to finance a car in Canada, particularly through banks. But here’s the good news: these financial institutions are not the only way of getting your own wheels! 

Choosing The Best Used Car For Your Budget

Price is not the only factor to bear in mind when looking for a second-hand vehicle. Knowing which vehicles retain their value for the longest time is also a great way of getting your money’s worth on a major purchase like this. As an example, some vehicles retain about 50% of the value at the four-year mark, while others have already dropped to 30%, based on the Canadian Black Book. 

As a rule of thumb, basic versions and neutral colours keep [...]

In today’s gig economy, not having a formal job is a far cry from having no income. There are many reasons for not being in full-time employment: studies, disabilities, family commitments, and freelancing, to name just a few. 

Everyone needs transportation, and driving one’s own automobile is often the fastest and most convenient way of getting from A to B in Canada, particularly for people with tight schedules. However, the absence of a regular income can make it harder to obtain a car loan – for exactly the people who most need their own rides. 

How to Buy A Car Without A Steady Job

However, it’s often people working irregular hours who need their own wheels the most, particularly when public transportation isn’t running. In fact, a reliable car is a major factor in personal safety, particularly at out-of-the-way locations that may be deserted during off-peak hours.

So here are some hot [...]

Far more than just a way of getting from A to B, cars and trucks are status symbols through which their owners express their personalities and preferences. But these keys to individual freedom are by no means free: buying a vehicle is one of the heaviest commitments in most people’s lives, second only to purchasing a house.

So – despite all the excitement – it’s important to keep a sharp eye on financial aspects when buying a vehicle in New Brunswick. After all, there’s no point in chasing after your dream wheels if the repayments would leave you without money for gas or maintenance. 

Smart Choices Mean Happier Driving 

Your vehicle should match your lifestyle and meet your needs. So – unless they meld seamlessly into your lifestyle and budget – leave that snazzy sports car or high-end SUV as an aspiration, at least for now. 

With that in mind, here [...]

In terms of lifetime investments, buying a car ranks second only to buying a house. That’s why it’s important to check out all available payment options before signing up for such a major financial commitment. 

While hunting for your dream wheels can be fun, working out how to pay for them can be a daunting process. A poor decision may have long-term implications that can tight-strap your budget, eat into your savings, and even tank your credit score. So here are some top tips from the experts at Canada Drives on how to navigate smoothly through the car-buying process, avoiding pitfalls and making smart choices.

What Do I Need to Get a Car Loan in Canada?

Application approval may take anywhere from a few hours to a couple of weeks, depending on the institution. You must complete the car loan application form in full (in either hardcopy or on-line), and provide [...]

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