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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 is a specialist in helping readers to navigate the ins and outs of securely using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances with precise, well-studied information that break down complicated topics into bite-sized pieces.
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Buying a brand comes with the benefits of personalization, the most recent technology and the sought-after fresh car smell. However, over the last few months, buying new has also come with record-breaking costs. In fact, up 11.9 percent from around the time of last year. the average purchase price (ATP) reached $48,000, according to reports . So, if buying a new car is planned for the future, it is wise to consider best practices before making the trip to find a dealer. 5 ways to save money when buying an automobile when costs are high when it comes to any major purchase, the best way to save money is preparation. It is important to do research before you start looking for a vehicle, make sure you lock your financing through and budget accordingly. And with vehicle costs increasing, this could be a good moment to think about buying a used car instead of a brand new one. Along with our experts, Brian Moody, executive editor at Autotrader, shared his advice on how to save money no matter the macro car buying environment. 1. Conduct a thorough research prior to visiting the dealership. The internet has changed the way you buy cars and allow you to know exactly what dealers are selling before you visit the dealer. This is particularly important when there is the fewer inventory options available. Make sure you check the availability of vehicles in your area before going to the dealership in person. Otherwise, you may be pushed to purchase a vehicle you haven’t done enough research about, Moody recommends «doing the bulk of research online well before visiting a dealership in person.» Pay attention to any or extras that dealerships might be offering. Two dealerships may offer the same car however one might offer better extras like discounted maintenance, or free automobile accessories, Moody explains. 2. You can apply for loan preapproval Loan is a crucial step to take in the purchase of a new car. It secures your anticipated monthly costs with a possible lender prior to purchasing the car. You can then make a decision based on a solid knowledge of how much you can spend. However, you must take it in the same way as you do vehicle shopping — compare lenders and don’t sign off on the first one you see. As Moody says, the cost of loans is high. are what make loan preapproval all the more important to save money. Moody also recommends getting preapproved with your local financial institution or credit union. 3. Be mindful of your budget the cost of a vehicle reaching $50,000 you must use your budget as your guide when shopping for a car. While it’s true that no matter the circumstances, it’s best to stick to your budget, when prices are such as these, there’s no wiggle room. To determine the amount you can afford you can afford, use an application to calculate your monthly finance cost. Remember to factor into vehicle expenses, like and . 4. Think about leasing for the short-term, if an eye on a specific car that you can’t find at the dealership, could be a viable option to get behind the steering wheel. «While leasing for a longer period will cost more than leasing for a shorter period can let a buyer get the car they want at a reasonable cost,» Moody says. When the lease ends, the economic environment is likely to be different and you may be able to purchase a new car. 5. Buy a used vehicle If you have some flexibility purchasing a used car instead of purchasing a brand new one could be a good option. It’s not just a way to make sure that you are able to get around in a vehicle, but it will also save you money. «Those seeking a good bargain should consider used automobiles,» Moody says. Due to the huge demand for cars and a lack of supply, the cost of new cars will remain excessive. The present state of the car market Current high prices for cars are influenced by a number of things, such as inventory available, remaining supply chain issues and . These all affect the cost that you are charged at the dealership. However, Moody states that the primary factor currently at play is to supply versus demand. «There are only about 1 million new cars available at dealerships across America.» Moody says. «The used cars on the market are more than double that. That low supply of new vehicles coupled with a high demand is pushing prices to rise.» On top of this, the actions taken by the market make borrowing funds for your new car costly as well. The fourth quarter of 2022 saw drivers paying 4 percent more to finance their vehicles, as per . The Fourth Quarter of 2021 those who borrowed auto loans financed an average of $39,834against the average of 41,000 that owners of cars are financing in 2022. Due to the combination of high interest rates and costly cars, it is possible to pay more for the purchase of a new car. Are vehicle prices returning to their normal levels? The question of vehicle prices returning to normal is a slightly more complicated issue. But, according to Moody new inventory is expected to start to stabilize by the spring of 2023. «There are numerous new models coming out and some supply chain issues should be solved by then,» Moody says. Until then, you’ll need to be prepared to conduct more research than you normally would, and possibly settle for lower than the dream car. Even though there’s only a small selection of cars does not mean that you cannot leave the lot feeling satisfied. The main point is that If you’re willing to put off buying an automobile this could be worth the cost of saving. If you’re like many Americans waiting might have to be a last resort. Consider buying a car with some more study and be prepared to pay some more, even if you drive off with a bargain. Find out more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-studied information that breaks down complicated topics into manageable bites.
Auto loans editor
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