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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 ins and outs of securely using loans to buy a car.
Edited 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 confidence to take control of their finances with precise, well-studied information that break down complicated subjects into digestible pieces.
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Brands are expensive, but they come with the additional benefits of personalization, the latest technology and the sought-after new car smell. But over the past several months, buying new has also carried record high costs. In fact, up 11.9 percent over the time of last year. the average purchase price (ATP) was $48,000, reports . If you are thinking of purchasing a new car is planned for the future, you should be sure to take into consideration the best practices prior to going to the dealer. Five ways to save money when purchasing 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 some research prior to beginning your car shopping, lock in the financing you are able to afford and plan accordingly. And with vehicle costs increasing, this could 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 about how you can save cash regardless of the overall car buying climate. 1. Do your research prior to going to the dealership. Online resources have shifted the car buying greatly and allow you to find out exactly what dealers are selling before you visit the dealer. This is especially important with the fewer inventory options available. Find out if vehicles are available in your local area prior to visiting in person. In the event that you are forced to buy a car that you've not done enough research on, Moody suggests "doing the bulk of research online before going to a dealership in person." Pay attention to any or extras that dealers may be offering. Two dealerships could be selling the same vehicle however one might provide better benefits, such as discounts on maintenance or free vehicle accessories, Moody explains. 2. Apply for loan preapproval. This is a crucial step to take when buying a new vehicle. It locks in your expected monthly expenses with a prospective lender before buying the vehicle. You can then look around with a clear understanding of the amount you're able to spend. But when be sure to approach it in the same way as you do car shopping -- look at the different lenders and don't sign off on the first one you come across. As Moody states, the high cost of loans mean that loan preapproval all the more crucial to save cash. Moody also suggests getting preapproved by your lender or bank. 3. Keep your budget in check vehicle prices hitting close to $50,000, you need to consider your budget as a guiding light when car shopping. Although it's true that regardless of the conditions, it's important to stick to your budget, with prices this high there isn't much wiggle room. To determine the amount you can afford, use an to find your monthly financing cost. Don't forget to take in vehicle costs, like and . 4. Consider leasing for the short-term if you have an eye on a certain vehicle that you can't find at the dealership, can be an effective way to get behind the wheel. "While leasing long term costs more but leasing for a short time frame can allow a buyer to find the vehicle they are looking for at an affordable price," Moody says. When the lease is over the economy is likely to be different and you might be able to purchase a new car. 5. Consider buying a used car if you're flexible purchasing a used car instead of a new one could be an alternative. Not only will it ensure that you can actually get around in a vehicle and not have to worry about parking, but it can also save you money. "Those seeking a good bargain should check out used automobiles," Moody says. Due to the huge demand for vehicles and low availability, prices for new cars will continue to be high. The current state of the automobile market high prices for cars are influenced by a number of factors, like available inventory and supply chain issues that remain and . All of these impact the price you pay at the dealer. However, Moody explains that the main factor currently at play is to demand versus supply. "There are only about 1 million brand new cars in dealerships across the country." Moody says. "The used car inventory is nearly double. That low supply of new cars coupled with the high demand is pushing prices up." In addition to this, moves made by the market make borrowing funds for your new car costly as well. Fourth quarter 2022 witnessed people taking out loans for 4 percent more their vehicles, according to . The Fourth Quarter of 2021, people who borrowed auto loans have financed on average $39,834- versus the average 41,000 that owners of cars are financing in 2022. With the combination of high interest rates and costly vehicles, you can expect to spend more money on a new vehicle. Will vehicle prices return to their normal levels? The question of vehicle prices returning to their normal levels is a bit more difficult question. However, according to Moody new inventory is expected to start to return to normal by spring 2023. "There are numerous new models coming out and certain supply chain issues will be resolved by the time of 2023," Moody says. So, until then, you'll need to be ready to conduct more research than normal and may end up with less than the car you've always wanted. But just because there's a limited inventory doesn't mean you can't drive off the lot happy. The point is this, If you're willing to put off buying an automobile It could be worth the cost of saving. If you're like the majority of Americans and are waiting for a car, it might not be an option. Consider buying a car with some more study and prepare to spend some more, even if you drive off with a good deal. Find out more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers feel confident to control their finances with clear, well-researched information that breaks down complicated subjects into bite-sized pieces.
Auto loans editor
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