Here's a reddit story. there's many like this.
Backed out of a Toyota financing deal due to insurance and higher price
Auto
Not sure if this belongs here but I've seen similar posts.
In July 2023, I put a $1,000 deposit for a Toyota Grand Highlander Hybrid Limited with a dealership in the greater GTA. The MSRP was $61K (and 6.99% interest) and I was planning to finance over 60 months. I inquired with my insurance company and they quoted me $2,340 annually.
Fast forward to May 2024, the price now is $65K of the same vehicle although the interest rate is the same. The vehicle has still not arrived. I called my insurance company and they upped the premium to $6,972 annually!
That is a huge difference. Even though the car has not arrived still, but the price increase along with the insurance increase is crazy. I was now looking at roughly $2,000 per month on just this vehicle compared to about $1400 per month back in July 2023. Eff that.
$2k a month sounds insane to be spending on a vehicle. My insurance company said this car is being stolen so frequently that they are charging a hefty premium. I checked a few other companies and differences were marginal.
Canada's vehicle industry has gone to shits. I am now looking at used SUVs and it also boggles my mind that vehicles 2-3 years old have relatively high prices!!! I need to buy a horse. Are horses legal on Canadian roads and highways (joke, don't need to answer this)?