Two myths and one truth
about buying a vehicle
You hear a lot of things about buying a vehicle — but only some of them are true.
Can you tell which statement is true, and which two are myths?
If you buy a vehicle, there’s a 24-hour cooling-off period in which you can return it to the dealer for a full refund.
The dealer’s price sticker includes everything but tax and licensing.
The lower your monthly payment, the better the deal.
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myth
In Ontario, there is no cooling-off period. A deal’s a deal and a signed contract is legally binding. Do
your homework on the OMVIC
website before you commit to
a purchase agreement.
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Ontario law requires all dealers
to advertise all-in pricing, which covers everything but licensing
fees and sales tax.
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truth
A low monthly payment may
seem appealing, but you need
to consider how many months
it will take to pay off the vehicle.
Do the math to make sure that
the total price you pay for the car, including interest charges, adds
up to a good deal.
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myth