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4 min read Published March 03, 2023
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 with the ins and outs of securely borrowing money to purchase the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-studied information that break down complicated topics into bite-sized pieces.









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Brands are expensive, but they come with the added perks of personalization, latest technology and the coveted fresh car smell. But for the past few months, purchasing new cars has also brought record costs. Up 11.9 percent from the same time last year, July's new car average transaction price (ATP) was $48,000, as reported by . So, if you are planning to buy a brand new car planned for the future, you should be sure to consider best practices before making the trip to find a dealer. Five ways to save money when buying a brand new car when prices are high When it comes to any large purchase, the most effective way to save money is planning. It is crucial to conduct research before you start buying a car, and then lock the financing you are able to afford and plan in line with. In addition, with the cost of cars at an all-time high, it might be the perfect time to consider or even purchasing a vehicle instead of new. With our experts, Brian Moody, executive editor at Autotrader gave us his tips on how to save money regardless of the overall car buying climate. 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 have on the lot before you visit the dealer. This is crucial with less inventory available. Find out if vehicles are available in your region prior to going to the dealership in person. Otherwise, you may be pressured to purchase a vehicle you haven't done enough research about, Moody suggests "doing the bulk of research online well before visiting an actual dealership." Be attentive to any extras or deals dealerships might be offering. Two dealerships might have the same car and one could offer more benefits like free maintenance or discounts on car equipment, Moody explains. 2. You can apply for loan preapproval. This is an important step in the purchase of a new car. It confirms your planned monthly expenses with a prospective lender before buying the vehicle. Then, you can make a decision based on a solid idea of what you'll be spending. However, you must think about it the same manner you would car shopping -- look at the different lenders and don't sign off on the first one you come across. As Moody explains, high prices are what make loan preapproval all the more crucial to save money. Moody also recommends getting preapproved with your local financial institution or credit union. 3. Be mindful of your budget car prices reaching close to $50,000 you must use your budget as your guiding light when car shopping. While it's true that regardless of the circumstances, it's best to stick to your budget, with prices that high, there's not much to play with. To figure out how much you can afford, use an to find your monthly financing cost. Don't forget to take in vehicle costs, like and . 4. Think about leasing for the short-term, if your sights set on a particular car is difficult to locate on the lot of the dealer, it can be an effective way to continue to take the steering wheel. "While leasing for a longer period will cost more but leasing for a short time frame can allow a buyer to obtain the car they desire at a cost that is affordable," Moody says. When the lease ends the market will likely be different, and you may be able to better afford to buy a brand new vehicle. 5. Consider buying a used car if you're flexible purchasing a used car instead of a new one could be an option. It's not just a way to make sure that you are able to take a drive in a car, but it will also save you money. "Those looking for a great bargain should check out used vehicles," Moody says. Due to the huge demand for vehicles and low supply, the cost of new cars remain very high. The present state of the market for cars high prices for cars are influenced by a number of variables, including inventory availability and supply chain issues that remain and . All of these affect the price you pay at the dealership. However, Moody states that the primary factor currently at play is to supply versus demand. "There only around 1 million new cars available at dealerships across the country." Moody says. "The used inventory of cars is greater than twice that. That low supply of new vehicles coupled with the high demand is pushing prices up." To top this, the actions taken by the government make borrowing money for your new car expensive also. Fourth quarter 2022 witnessed motorists financing 4 percent more for their vehicles, according to . During the Fourth Quarter of 2021, people taking out auto loans financed on average $39,834against the average of $41,445 that car owners finance in 2022. Due to the combination of high interest rates and expensive automobiles, you could be expected to pay more for an expensive new car. Are vehicle prices returning to their normal levels? The issue of prices for vehicles returning to normal is a slightly more complicated problem. However, according to Moody, new inventory should start to stabilize by the the spring of 2023. "There are numerous new models on the way and some supply chain issues will be worked out by then," Moody says. In the meantime, you'll have to be prepared to do more research than normal and may end up with less than your dream car. But just because the inventory isn't as plentiful doesn't mean you can't leave the lot satisfied. The main point is this: if you have the flexibility to hold off on purchasing the latest car this could be worth it to save money. But if you're like most Americans and are waiting for a car, it might not be an option. Consider buying a car with more caution and prepare to spend an extra amount even if you end up with a great deal. Find out more


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy an automobile.



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 feel confident to take control of their finances by providing clear, well-researched information that breaks down complicated topics into digestible chunks.






Auto loans editor




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