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4 minutes read Read Published March 03, 2023
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting 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 from late 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.









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Buying a brand comes with the benefits of personalization, the most recent technology and the sought-after new car smell. But over the past several months, buying new has also brought record prices. Up 11.9 percent from the same time last year, July's new car average transaction price (ATP) reached $48,000, as reported by . If buying a new car is likely to be in the near future, it is wise to consider best practices before making the trip to find a dealer. Five strategies to save money while buying a brand new car when prices are high When it comes to any large purchase the key to saving money is to prepare. It is important to do some research prior to beginning your looking for a vehicle, make sure you lock your financing and budget accordingly. In addition, with the cost of cars increasing, this could also be a good moment to think about buying a car instead of buying a new. Along with our experts, Brian Moody, executive editor at Autotrader gave us his tips about how you can save cash regardless of the general car buying market. 1. Conduct a thorough research prior to visiting the dealership. Online resources have changed the way you buy cars and allow you to find out exactly what dealers have on the lot before going in person. This is crucial with the fewer inventory options available. Find out if vehicles are available in your region prior to going to the dealership in person. If you don't, you could be forced to buy a car that you've not done enough research about, Moody recommends "doing most of your research online well before visiting a dealership in person." Be attentive to any extras or deals dealers may be offering. Two dealerships may have the same car, but one may provide better benefits, such as discounts on maintenance or free automobile accessories, Moody explains. 2. Apply for loan preapproval Loan is an important step in the purchase of a new car. It locks in your expected monthly costs with a possible lender prior to purchasing the car. You can then shop with a firm idea of what you'll be spending. However, you must approach it in the same way you approach when shopping for a car -- you need to compare lenders, and don't decide on the first option you come across. As Moody says, the cost of loans is high. make loan preapproval essential to saving money. Moody suggests preapproval at your local financial institution or credit union. 3. Keep your budget in check car prices reaching close to $50,000, you need to make your budget your guide when shopping for a car. While it is true that regardless of the circumstances, it's best to stick to your budget, when prices are that high, there's not much to play with. To determine the amount you're able to spend you can afford, use an application to calculate your monthly finance cost. Remember to factor in vehicle costs, like and . 4. Think about leasing for the short-term if you have an eye on a particular car is difficult to locate on the dealer lot, can be an effective way to continue to take the car. "While leasing for the long term will cost more than leasing for a shorter term can help a buyer get the car they want at a cost that is affordable," Moody says. By the time the lease expires, the economic environment will likely be different and you may be able to better afford to buy a brand new vehicle. 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 excellent alternative. It will not only ensure that you can actually drive away with a car, but it will also save you money. "Those looking for a great deal should look at used cars," Moody says. With the high demand for vehicles and the comparatively low inventory, new car prices will remain expensive. The present state of the car market Current high vehicle prices are influenced by a number of things, such as inventory available, remaining supply chain issues and . All of these affect the price that you are charged at the dealership. But Moody explains that the main impact currently is due to supply versus demand. "There only around 1 million brand new cars in dealerships across America." Moody says. "The used inventory of cars is more than double that. That low supply of new vehicles coupled with the high demand is pushing prices up." In addition to this, moves made by the make borrowing money for your new car expensive too. The fourth quarter of 2022 saw people financing 4 percent more for their cars, as per . During the Fourth Quarter of 2021, people who borrowed auto loans were able to finance on average $39,834as opposed to the typical $41,445 car owners are financing in 2022. In the event of high interest rates and expensive vehicles, you can expect to pay more for an expensive new car. What happens when prices for vehicles return to their normal levels? The question of car prices returning to normal is a more complex problem. However, according to Moody new inventory is expected to begin to normalize by the spring of 2023. "There are a lot of new models in the pipeline and certain supply chain issues will be worked out by then," Moody says. Until then, you'll need to be ready to conduct more research than usual and may end up with less than the car you've always wanted. Even though the inventory isn't as plentiful doesn't mean you can't drive off the lot happy. The main point is this, if you have the flexibility to hold off on purchasing the latest car, it might be worth the cost of saving. If you're like the majority of Americans waiting might make sense. Make sure you do a bit more research and prepare to spend some more, even if you drive off with a bargain. Find out more


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely 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 feel confident to manage their finances by providing precise, well-studied information that break down complex topics into manageable bites.






Auto loans editor




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