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4 minutes read Read Published March 03, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied and well-researched content that breaks down otherwise complicated subjects into digestible pieces.
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Brands are expensive, but they come with the benefits of personalization, the most recent technology and the coveted fresh car smell. However, over the last few months, purchasing a brand new car has also come with record-breaking costs. In fact, up 11.9 percent over the same time last year, July’s new car average transaction price (ATP) reached $48,000, as reported by . So, if buying a new car is planned for the future, you should be sure to think about the best practices prior to setting out to the dealer. Five ways to save money when purchasing a brand new car when prices are expensive when it comes to any major purchase, the best way to save money is to prepare. It is important to do study prior to starting buying a car, and then lock your financing and budget accordingly. With car costs being increasing, this could be a good time to consider or even buying a car instead of new. With our experts, Brian Moody, executive editor at Autotrader gave us his tips on how to save money no matter the overall car buying climate. 1. Do your research prior to going to the dealership. The internet has transformed the process of buying a car and allow you to be aware of the exact inventory dealers have on the lot prior to visiting the dealership. This is crucial with limited inventory. Check vehicle availability in your area before going to the dealership in person. In the event that you are pushed to purchase a vehicle you haven’t done enough research about. Moody suggests “doing most of your research online well before visiting a dealership in person.” Be attentive to any additional services or discounts dealers may be offering. Two dealerships could offer the same car and one could provide better benefits, such as free maintenance or discounts on vehicle accessory items, Moody explains. 2. Apply for loan preapproval. It is a crucial step to take when buying a new vehicle. It locks in your expected monthly costs with a possible lender before buying the vehicle. Then, you can shop with a firm idea of what you’ll be spending. Be sure to think about it the same way you approach when shopping for a car — you need to compare lenders and don’t settle on the first option you come across. As Moody explains, high prices make loan preapproval all the more important to save money. Moody suggests preapproval at your local lender or bank. 3. Keep your budget in check the cost of a vehicle reaching $50,000, you should use your budget as your reference when you are shopping for your next car. While it is true that regardless of the circumstances, it’s best to stay within your budget, with prices this high there isn’t much flexibility. To figure out how much you’re able to afford make use of an app to determine your monthly finance cost. Don’t forget to take in vehicle costs, like and . 4. Consider leasing for the short-term if you have an eye on a particular car is difficult to locate at the dealership, is a good option to continue to take the steering wheel. “While leasing long term costs more but leasing for a short period can let a buyer get the car they want at an affordable price,” Moody says. By the time the lease ends the economy will likely be different, and you may be able to buy new. 5. Consider buying a used car if you are flexible and are willing to spend money on a vehicle instead of a new one could be a good alternative. It will not only make sure that you are able to take a drive in a car however, it could also save you money. “Those who are looking for a bargain bargain should check out second-hand vehicles,” Moody says. Due to the huge demand for vehicles and low supply, the cost of new cars will remain expensive. The present state of the car market Current high vehicle prices are dependent on a variety of factors, like available inventory as well as supply chain issues and . These all affect the cost that you are charged at the dealership. But Moody states that the primary factor currently at play is to supply versus demand. “There are just about one million brand new cars in dealerships across America.” Moody says. “The used cars on the market are more than double that. This shortage of new cars coupled with the high demand is pushing prices to go up.” In addition to this, the actions taken by the market make borrowing funds for your new car costly also. Fourth quarter 2022 witnessed drivers financing 4 percent more for their cars, as per . In the Fourth Quarter of 2021, people taking out auto loans financed on average $39,834as opposed to the typical $41,445 car owners are financing in 2022. In the event of high interest rates and costly vehicles, you can expect to spend more money on an expensive new car. What happens when prices for vehicles return to their normal levels? The question of vehicle prices returning to their normal levels is a slightly more complicated issue. But, according to Moody the new inventory will start to return to normal by in the spring 2023. “There are numerous new models coming out and some supply chain issues will be worked out by then,” Moody says. Until then, you’ll need to be ready to conduct more research than normal and may end up with less than your dream car. However, just because the inventory isn’t as plentiful doesn’t mean you can’t leave the lot satisfied. The bottom line The lesson is this: when you’re able to hold off on purchasing an automobile It could be worth it to save money. If you’re like the majority of Americans, waiting may not be an option. Make sure you do some more study and be prepared to pay some more, even if you end up with a bargain. Find out more
Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers feel confident to control their finances through providing clear, well-researched information that breaks down complicated topics into digestible chunks.
Auto loans editor
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