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How to buy a new car in a high-cost environment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing authoritative and original content. This allows you to conduct your own research and compare data without cost, so that you can make your financial decisions without a doubt. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other products for home loans. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial offerings that could be accessible to you.
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4 minutes read Read Published March 03, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.
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Brands are expensive, but they come with the additional benefits of personalization, the latest technology and the sought-after fresh car smell. However, over the last few months, purchasing new cars has also brought record costs. With a rise of 11.9 percent from the time of last year. the average purchase price (ATP) hit $48,000, according to reports . So, if purchasing a new car is planned for the future, it is wise to think about the best practices prior to making the trip to the dealer. Five ways to save money when purchasing an automobile when costs are expensive when it comes to any large purchase, the most effective way to save money is preparation. It is essential to conduct study prior to starting buying a car, and then lock the financing you are able to afford and plan in line with. With car costs being so high, now may be a good time to consider or even buying a used car instead of new. Along with our experts, Brian Moody, executive editor at Autotrader, shared his advice for saving money regardless of the macro car buying environment. 1. Do your research prior to going to the dealership. Online resources have shifted the car buying greatly and now enable you to be aware of the exact inventory dealers have on the lot prior to visiting the dealership. This is particularly important when there is limited inventory. Find out if vehicles are available in your local area prior to visiting to the dealership in person. If you don’t, you could be pushed to purchase a vehicle that you’ve not conducted enough research about. Moody recommends “doing most of your research online well before visiting an actual dealership.” Be attentive to any additional services or discounts dealerships might be offering. Two dealerships may be selling the same vehicle however one might offer more benefits like free maintenance or discounts on car equipment, Moody explains. 2. Request a loan preapproval. It is a vital step to consider when purchasing a brand new vehicle. It confirms your planned monthly expenses with a prospective lender before you purchase the car. It is then possible to look around with a clear understanding of the amount you’ll be spending. However, you must approach it in the same way you approach car shopping — look at the different lenders and don’t sign off on the first one you come across. As Moody states, the high cost of loans are what make loan preapproval crucial to save cash. Moody suggests preapproval with your local bank or credit union. 3. Be mindful of your budget vehicle prices hitting close to $50,000, you should consider your budget as a reference when you are shopping for your next car. Although it’s certain that regardless of environment it is wise to stick to your budget, but with costs this high there isn’t much to play with. To determine the amount you can afford you can afford, use an application to calculate your monthly finance cost. Don’t forget to take in vehicle costs, like and . 4. Think about leasing for the short-term if you have your sights set on a certain vehicle that is difficult to locate on the lot of the dealer, it is a good option to get behind the steering wheel. “While leasing for a longer period will cost more than leasing for a shorter time frame can allow a buyer to get the car they want at a reasonable cost,” Moody says. When the lease ends the economy is likely to be different and you may be able to better afford to buy new. 5. Consider buying a used car if you’re flexible purchasing a used car instead of purchasing a brand new one is an option. It’s not just a way to guarantee that you will be able to take a drive in a car, but it will also result in savings. “Those looking for a great bargain should consider second-hand vehicles,” Moody says. With such high demand for vehicles and low supply, the cost of new cars will remain excessive. The present state of the market for cars high prices for cars are affected by several things, such as inventory available, remaining supply chain issues and . All of these affect the cost you pay at the dealer. However, Moody states that the primary influence right now comes down to supply versus demand. “There are only about 1 million brand new cars in dealerships across the nation.” Moody says. “The used inventory of cars is nearly double. The lack of new vehicles coupled with a high demand is pushing prices up.” To top this, actions made by the market make borrowing funds for your new car expensive also. In the fourth quarter, 2022 motorists taking out loans for 4 percent more their vehicles, as per . The 4th quarter in 2021,, those taking out auto loans have financed on average $39,834- versus the average $41,445 car owners are financing in 2022. In the event of high interest rates and costly cars, it is possible to spend more on a new vehicle. Are vehicle prices returning to normal? The issue of prices for vehicles returning to normal is a more complex issue. According to Moody, new inventory should start to return to normal by spring of 2023. “There are a lot of new models on the way and some supply chain issues will be solved by then,” Moody says. In the meantime, you’ll have to be ready to conduct more research than normal, and possibly settle for less than the car you’ve always wanted. But just because the inventory isn’t as plentiful doesn’t mean you can’t leave the lot feeling satisfied. The bottom line The lesson is this: if you have the flexibility to put off buying the latest car this could be worth it to save money. If you’re like the majority of Americans, waiting may not be an option. Consider buying a car with some more study and be prepared to pay some more, even if you end up with a bargain. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers to manage their finances with precise, well-studied information that break down complex topics into manageable bites.
Auto loans editor
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