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4 min read . Published March 03, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of taking out loans to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.
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The purchase of a new car comes with the benefits of personalization, latest technology, and that coveted new car smell. However, over the last few months, purchasing a brand new car has also brought record prices. Up 11.9 percent over the same time last year, the average new car transaction price (ATP) hit $48,000, according to reports . So, if purchasing a new car is likely to be in the near future, you should be sure to take into consideration the best practices prior to making the trip to the dealer. Five ways to save money when buying a new car while costs are expensive when you are making a major purchase, the best way to save money is to prepare. It is essential to conduct research before you start car shopping, lock in your financing through and budget in line with. And with vehicle costs at an all-time high, it might also be a good time to consider or even buying a car instead of a brand new one. Along with our experts, Brian Moody, executive editor at Autotrader gave us his tips on how to save money regardless of the macro car buying environment. 1. Research before heading to the dealership. The internet has changed the way you buy cars and allow you to know exactly what dealers have on the lot prior to visiting the dealership. This is crucial with less inventory available. Make sure you check the availability of vehicles in your local area prior to visiting to the dealership in person. Otherwise, you may be pressured to purchase a vehicle that you’ve not done enough research about, Moody recommends «doing most of your research online well before visiting an actual dealership.» Pay close attention to any or extras that dealerships might be offering. Two dealerships may be selling the same vehicle, but one may offer better extras like discounted maintenance, or free automobile accessory items, Moody explains. 2. You can apply for loan preapproval Loan is an important step when buying a new vehicle. It confirms your planned monthly cost with a potential lender before you purchase the car. Then, you can look around with a clear idea of what you’ll be spending. But when be sure to think about it the same way you approach vehicle shopping — compare lenders, and don’t decide on the first one you see. As Moody states, the high cost of loans make loan preapproval all the more crucial to save cash. Moody also recommends getting preapproved at your local financial institution or credit union. 3. Stick to your budget With vehicle prices hitting close to $50,000, you need to use your budget as your guiding light when car shopping. Although it’s true that regardless of the circumstances, it’s best to stay within your budget, with prices such as these, there’s no to play with. To figure out how much you’re able to spend make use of an app to determine your monthly financing cost. And don’t forget to factor in vehicle costs, like and . 4. You might consider leasing for a short term If you have your sights set on a certain vehicle that you can’t find on the lot of the dealer, it could be a viable option to continue to take the steering wheel. «While leasing long term costs more than leasing for a shorter term can help a buyer obtain the car they desire at an affordable price,» Moody says. By the time the lease is over, the economic environment will likely be different, and you may be able to buy new. 5. Buy a used vehicle If you are flexible and are willing to spend money on a vehicle instead of purchasing a brand new one can be an option. It’s not just a way to guarantee that you will be able to drive away with a car however, it could also result in savings. «Those seeking a good bargain should consider second-hand cars,» Moody says. With such high demand for vehicles and the comparatively low availability, prices for new cars will continue to be expensive. The current state of the car market Current high vehicle prices are affected by several things, such as inventory available as well as supply chain issues and . All of these affect the cost you pay at the dealer. However, Moody explains that the main impact currently is due to demand versus supply. «There only around 1 million new cars at dealerships across the nation.» Moody says. «The used inventory of cars is greater than twice that. This shortage of new cars combined with a high demand is pushing prices up.» To top this, moves made by the make borrowing money for your new car expensive also. Fourth quarter 2022 witnessed people paying 4 percent more to finance their vehicles, as per . During the fourth quarter of 2021 those who took out auto loans financed an average of $39,834- versus the average 41,000 that owners of cars are financing in 2022. With the combination of high interest rates and costly automobiles, you could be expected to spend more on the purchase of a new car. Will vehicle prices return to normal? The issue of prices for vehicles returning to normal is a bit more difficult problem. However, according to Moody new inventory is expected to begin to normalize by the spring 2023. «There are a lot of new models in the pipeline and some supply chain issues should be resolved by the time of 2023,» Moody says. In the meantime, you’ll have to be ready to conduct more research than you normally would and perhaps settle for lower than the dream car. However, just because the inventory isn’t as plentiful does not mean that you cannot drive off the lot happy. The main point is that when you’re able to hold off on purchasing an automobile, it might be worth it to save money. But if you’re like most Americans waiting might have to be a last resort. Make sure you do a bit more research and be prepared to pay an extra amount even if you drive off 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 in navigating the details of using loans to buy a car.
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 to control their finances through providing concise, well-studied and well-researched content that breaks down complicated topics into manageable bites.
Auto loans editor
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