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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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct your own research and compare information without cost, so that you can make decisions about your finances with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not include the entire universe of businesses or financial offers that may be available to you.
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4 min read Published March 03, 2023.
Written 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 borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances by providing clear, well-researched information that reduces complicated topics into bite-sized pieces.
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The purchase of a new car comes with the benefits of personalization, the most recent technology, and that coveted new car smell. But for the past few months, buying new has also brought record prices. In fact, up 11.9 percent over the same time last year, July’s new car average transaction price (ATP) was $48,000, as reported by . If you are thinking of you are planning to buy a brand new car likely to be in the near future, you should be sure to consider best practices before going to find a dealer. Five strategies to save money when buying a new car while costs are high When you are making a major purchase the key to saving money is to prepare. It is crucial to conduct some research prior to beginning your car shopping, lock in the financing you are able to afford and plan according to. With car costs being at an all-time high, it might be the perfect moment to think about purchasing a vehicle instead of new. With our experts, Brian Moody, executive editor at Autotrader offered his suggestions for saving money no matter the general car buying market. 1. Research before heading to the dealership. The internet has transformed the process of buying a car and let you know exactly what dealerships have available prior to visiting the dealership. This is particularly important when there is less inventory available. Find out if vehicles are available in your area before going in person. If you don’t, you could be pushed to purchase a vehicle that you’ve not conducted enough research on, Moody suggests “doing the majority of your research online before going to an actual dealership.” Be attentive to any additional services or discounts dealerships might be offering. Two dealerships may have the same car and one could offer better extras like discounted maintenance, or free car accessories, Moody explains. 2. You can apply for loan preapproval. It is an important step to consider when purchasing a brand new vehicle. It locks in your expected monthly cost with a potential lender prior to purchasing the car. Then, you can look around with a clear knowledge of how much you can spend. However, you must approach it in the same manner you would vehicle shopping — compare lenders and don’t sign off on the first choice you see. As Moody says, the cost of loans is high. make loan preapproval all the more crucial to save money. Moody also suggests getting preapproved by your bank or credit union. 3. Keep your budget in check vehicle prices hitting close to $50,000 you must consider your budget as a guide when shopping for a car. Although it’s certain that regardless of circumstances, it’s best to stick to your budget, when prices are that high, there’s not much to play with. To determine how much you’re able to afford, use an to find your monthly financing cost. Don’t forget to take into the cost of your vehicle, such as and . 4. Consider leasing for the short-term if you have an eye on a particular car you are struggling to find on the dealer lot, could be a viable option to still get behind the steering wheel. “While leasing for a longer period will cost more but leasing for a short period can let a buyer get the car they want at a reasonable cost,” Moody says. At the time that the lease expires the market is likely to be different and you might be able to buy a brand new vehicle. 5. Consider buying a used car if you are flexible, buying a vehicle instead of purchasing a brand new one is a good alternative. Not only will it ensure that you can actually get around in a vehicle however, it could also save you money. “Those who are looking for a bargain bargain should check out pre-owned cars,” Moody says. With the high demand for cars and a lack of supply, the cost of new cars remain very excessive. The present state of the automobile market high vehicle prices are influenced by a number of things, such as inventory available, remaining supply chain issues and . These all affect the price you pay at the dealership. However, Moody explains that the main impact currently is due to supply versus demand. “There are only about 1 million new cars at dealerships across America.” Moody says. “The used cars on the market are more than double that. This shortage of new cars combined with a high demand is pushing prices to rise.” To top this, moves made by the government make borrowing money for your new car costly too. Fourth quarter 2022 witnessed motorists taking out loans for 4 percent more their cars, as per . In the fourth quarter of 2021, people taking out auto loans have financed an average of $39,834 -against the average of $41,445 car owners are financing in 2022. In the event of high interest rates and expensive 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 issue of prices for vehicles returning to normal is a bit more difficult problem. But, according to Moody, new inventory should start to return to normal by spring 2023. “There are numerous new models in the pipeline and some supply chain issues will be resolved by the time of 2023,” Moody says. So, until then, you’ll need to be prepared to do more research than usual, and possibly settle for 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 that when you’re able to hold off on purchasing a new car It could be worth it to save money. If you’re like the majority of Americans and are waiting for a car, it might make sense. Instead enter car buying with a bit more research and prepare to spend some more, even if you end up with a bargain. Learn more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.
Auto loans editor
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