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How to buy a new car Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements 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 are from companies who pay us. This compensation may impact how and where products appear on this website, for example such things as the order in which they be displayed within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. But this compensation does have no impact on the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offerings that might be open to you. Caiaimage/Martin Barraud/Getty Images
5 min read Published 21st October 2022
Written 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 ways and pitfalls of borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and researched facts that break down complex topics into manageable bites. The Bankrate guarantee
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We make sure that everything we publish is objective, accurate and reliable. Our loans reporter and editor focus on the things that consumers care about the most -- various types of loans available, the best rates, the best lenders, how to pay off debt and much more. So you're able to be confident about investing your money. Editorial integrity
Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the right financial choices. Our main principles are that we appreciate your trust. Our aim is to provide our readers with truthful and impartial information. We have established editorial standards to ensure that happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure that what you read is true. We keep a barrier with our advertising partners and the editorial team. Our editorial team does not receive direct compensation by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our goal is to provide you the best advice to assist you in making smart financial choices for your own personal finances. We adhere to strict guidelines in order to ensure that our editorial content is not affected by advertisements. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're reading an article or a review, you can trust that you're getting reliable and dependable information. How we earn money
If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for more than four years. We are constantly striving to provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and precise. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. The content created by our editorial team is objective, factual and is not influenced through our sponsors. We're honest regarding how we're able to bring quality content, competitive rates, and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products or services, or by you clicking on specific links on our site. Therefore, this compensation may affect the way, location and in what order items appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other elements, like our own rules for our website and whether a product is available within your region or within your self-selected credit score range may also influence the manner in which products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. If you've spent the past several months dreaming of having getting a brand new car in your driveway, you're likely looking at models, comparing deals and considering what additional features you are able to pay for. The purchase of a car is an investment of a lifetime and you'll have to think about the cost of financing, the options for financing and negotiation strategies before you head to the dealer. 7 steps to purchasing an auto when you're ready, adhere to these seven to maximize your car buying experience. You'll walk away with the vehicle that you've always wanted for a price that won't break the bank. 1. Determine the amount you can afford. You may have your heart set on a certain vehicle, but you will not be able to take it home unless you . Take into consideration the monthly installment in addition to other . A good general rule of thumb is to not spend more than 20 percent of your monthly household income on a brand new car. This should include your monthly car loan payments as well as all other costs, including maintenance, fuel and repairs, as well as registration fees. For the monthly installment alone it is recommended to be aiming for no greater than 15 per cent of the earnings. You can use this to determine an accurate estimate of how much you'll be paying each month and in interest over the life that you will be paying for the loan. This is equally important as it will determine the rate of interest you pay. 2. Decide if you'd like to buy or lease Do you want to drive your car for so long as the wheels are on? If yes, then buying is the best choice, and you'll be able to trade or sell the car when you need to get a new set of wheels. However, if you want to buy a new car each three years . Leases can let you find a better car at a lower cost, since they usually come with lower down payment requirements and lower monthly payments. But you'll not have the vehicle for a long time and you'll have to search out for specific lease terms, such as mileage restrictions and wear-and tear fees to avoid costly penalty charges. Look at the cars that are that are on your radar, and then weigh the ones you like. Bankrate's will help you estimate potential savings on the cost of purchasing or leasing to help you make an informed choice. Think about certified used
Pre-owned certified options are a great route toward buying a new car with lower cost. You'll get reassurance of the warranty of the manufacturer that you can't get from a private vendor.
3. Research After you set your budget and determine the right type of ownership for your driving style, begin looking into the cars that have been awe-inspiring to you. Start by visiting automaker websites as well as independent auto information websites to evaluate the features that matter to you. Keep track of the MSRPs (manufacturer's proposed retail price) and invoice prices. Then check the local listings of inventory to see what's available in your area. Also research any possible discounts. Numerous automakers offer discounts to students, military members and even members of certain credit unions. These discounts can be stackable and combined with any cash-back rebates on the model that should be taken when you negotiate the price. Visit the website of the manufacturer for such incentives prior to stepping into. 4. Find out the actual cost price of owning a car is significantly more than the initial payment. Check out websites like to get a rough idea of gas, insurance repairs and maintenance expenses within your local area, however, these figures will vary based on the driving habits you follow. For greater accuracy, do your own calculation for fuel costs based on the amount of miles you take in each year and request a quote for the cars you're thinking of buying. You'll need to give the insurance agent the exact model, trim level, engine and add-ons to get an accurate price. It is important to keep in mind that additional fees, such as taxes on sales, registration fees and other documentation costs are not included on the sticker price advertised by dealers. Bankrate tip
Ask for a complete breakdown of the quote so you can know what fees to expect
Bankrate tip: Consider charges, such as registration, tax, and documentation fees not included on the price that dealers advertise. Get a full breakdown of the quote so you can know what costs to anticipate five. Make sure you lock in your financing prior to making a trip to the dealership. Dealers don't only want to sell you a car -they also want to manage the car loan as well. Dealers typically receive either a flat fee or commission for the automobile loans they facilitate no matter if the loan originates from the manufacturer or a local lender. Instead of having the dealer handle the task, you can have them look it up in banks and credit unions and prior to going to the dealership. Preapproval from the credit union, bank or online lender doesn't mean you need to sign up for the offer however, it will help you determine the most affordable financing option. It may also grant you bargaining power if present the preapproval for the lender and they agree to beat the cost to gain your business. To secure a preapproval letter you'll have to submit your employment, personal and income details to the lender. They may also inquire about other outstanding debt obligations you currently have to determine the amount the auto loan you are able to afford. 6. Test drive Most car shoppers keep their new vehicles for about six years, so take your time with the test drive. Make sure that you really love the car, especially when you use it to work or for travel. Don't hesitate to ask for more time behind the steering wheel. Spend time in the car when it's parked, adjusting the seats, play around with the controls and determine whether the passengers are comfortable and if your usual cargo would fit well. 7. Negotiate When you're ready to sit down and talk about pricing, be prepared by completing your research. Find out if other dealerships offer better prices on your car, and then ask for price matches with your salesperson. If you're considering it , save that discussion for when you're negotiating the sale price of your new car. Separately discussing these issues will help you get an even better price for your current car and will be better if you've done some research on your current car's value online. Before you sign the final contract, review the entire contract carefully. Check any fees that are proposed and ensure that what that you had negotiated verbally is spelled out in writing. You should also be prepared to say no to the extras that aren't necessary or to the entire deal if it doesn't work with you, and the seller doesn't want to budge. The present state of the automobile market. Purchasing a new car is not without some aspects to be considered. New car average transaction prices (ATPs) reached record-breaking levels, above $48,000, for the fifth consecutive month in August 2022, according to . The high prices you will likely face result from a basic problem of demand versus supply. There are fewer vehicles available on car lots, because of lingering supply chain problems, and drivers using vehicles, the prices are higher. In addition to the demand and supply, choices in the fight against inflation has led to the cost of borrowing more expensive too. This can be seen in the amount of money that people are borrowing, an average of $40,290 for the second quarter of 2022, compared to $35,587 by 2021, according to . It's a sign that you'll need to budget some extra money for the new car you purchase. Next steps Buying a new car can be a thrilling procedure, and there's nothing more satisfying than driving off the lot with the knowledge that you've got the most affordable price. However, before you begin your look for that perfect car, ensure you have your financials in check and that your credit score is on par. It's equally important to assess your spending plan to determine the amount of car you can afford. Once you've worked out all the financial details look around for the most affordable financing to allow you to negotiate with confidence. Making your way to the dealership with a plan will help you find the most affordable solution which fits within your budget. Learn more
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The article was written 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. 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 to manage their finances through providing concise, well-studied and well-researched content that breaks down complicated topics into manageable bites.
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