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4 min read . Published March 03, 2023
Authored 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 details of using loans to buy a car.
The edit was done 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 manage their finances through providing precise, well-studied information that break down complicated topics into bite-sized pieces.
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The purchase of a new car comes with the added perks of personalization, the latest technology, and that coveted new car smell. But over the past several months, purchasing new cars has also brought record costs. Up 11.9 percent from around this time last year, the average new car transaction price (ATP) was $48,000, as reported by . If you are planning to buy a brand new car in your future, it is wise to take into consideration the best practices prior to making the trip to find a dealer. Five ways to save money when purchasing an automobile when costs are expensive when it comes to any large purchase the key to saving money is preparation. It is essential to conduct research before you start car shopping, lock in your financing through and budget in line with. With car costs being increasing, this could be the perfect time to think about buying a car instead of new. Together with our experts Brian Moody, executive editor at Autotrader gave us his tips on how to save money regardless of the general car buying market. 1. Do your research prior to going to the dealership. Online resources have changed the way you buy cars and allow you to know exactly what dealers are selling prior to visiting the dealership. This is particularly important when there is the fewer inventory options available. Check vehicle availability in your area before going to the dealership in person. In the event that you are forced to buy a car you haven't done enough research about, Moody suggests "doing the majority of your research online well before visiting the dealership in person." Pay attention to any extras or deals dealers might offer. Two dealerships may have the same car, but one may provide better benefits, such as free maintenance or discounts on vehicle accessories, Moody explains. 2. You can apply for loan preapproval. It is an important step to consider when purchasing a brand new car. It secures your anticipated monthly costs with a possible lender before you purchase the car. It is then possible to make a decision based on a solid idea of what you're able to spend. But when be sure to think about it the same way you approach car shopping -- look at the different lenders, and don't decide 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 recommends getting preapproved at your local financial institution or credit union. 3. Stick to your budget With the cost of a vehicle reaching $50,000, you need to consider your budget as a guiding light when car shopping. While it is true that regardless of the conditions, it's important to stay within your budget, when prices are such as these, there's no flexibility. To determine the amount you're able to spend make use of an app to determine the monthly cost of financing. And don't forget to factor into the cost of your vehicle, such as and . 4. Consider leasing for the short-term if you have your sights set on a particular car you are struggling to find on the lot of the dealer, it could be a viable option to continue to take the car. "While leasing long term costs more, leasing for the short period can let a buyer obtain the car they desire at a cost that is affordable," Moody says. At the time that the lease is over the market will likely be different, and you may be able to better afford to buy new. 5. Buy a used vehicle If you have some flexibility, buying a vehicle instead of purchasing a brand new one can be a good option. It will not only ensure that you can actually take a drive in a car however, it could also save you money. "Those looking for a great bargain should consider used automobiles," Moody says. With such high demand for vehicles and the comparatively low availability, prices for new cars remain very excessive. The current situation of the market for cars high prices for cars are affected by several variables, including inventory availability, remaining supply chain issues and . These all affect the price which you will pay in the dealer. But Moody says that the biggest influence right now comes down to demand versus supply. "There are just about one million brand new cars in dealerships across the nation." Moody says. "The used inventory of cars is nearly double. The lack of new cars combined with strong demand is forcing prices to go up." To top this, moves made by the market make borrowing funds to purchase a new car costly too. Fourth quarter 2022 witnessed motorists paying 4 percent more to finance their vehicles, as per . During the 4th quarter in 2021,, people who took out auto loans have financed an average of $39,834 -against the average of $41,445 car owners are financing in 2022. With the combination of high interest rates and expensive automobiles, you could be expected to pay more for the purchase of a new car. Are vehicle prices returning to normal? The question of vehicle prices returning to their normal levels is a slightly more complicated problem. However, according to Moody, new inventory should begin to normalize by the spring 2023. "There are a lot of new models coming out and some supply chain issues should be resolved by the time of 2023," Moody says. So, until then, you'll need to be prepared to conduct more research than normal and perhaps settle for lower than the dream car. But just because there's only a small selection of cars doesn't mean you can't leave the lot feeling satisfied. The point is that when you're able to wait on buying a new car, it might be worth saving money. But if you're like most Americans waiting might not be an option. Consider buying a car with more caution and be prepared to pay a bit more even if you drive off with a bargain. Find out more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.
Auto loans editor
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