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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 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 editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that break down complicated topics into bite-sized pieces.

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Buying a brand comes with the additional benefits of personalization, the most recent technology and the coveted fresh car smell. But for the past few months, buying new has also brought record costs. Up 11.9 percent from around the time of last year. the average new car transaction price (ATP) hit $48,000, as reported by . So, if you are planning to buy a brand new car likely to be in the near future, it is wise to take into consideration the best practices prior to going to the dealer. Five ways to save money when buying an automobile when costs are high when it comes to any large purchase the key to saving money is preparation. It is important to do research before you start looking for a vehicle, make sure you lock the financing you are able to afford and plan accordingly. And with vehicle costs increasing, this could be the perfect time to consider or even buying a used car instead of a brand new one. Along with our experts, Brian Moody, executive editor at Autotrader offered his suggestions about how you can save cash no matter the general car buying market. 1. Conduct a thorough research prior to visiting the dealership. The internet has transformed the process of buying a car and let you be aware of the exact inventory dealers have on the lot prior to visiting the dealership. This is especially important with the fewer inventory options available. Make sure you check the availability of vehicles in your area before going to the dealership in person. Otherwise, you may be pressured to purchase a vehicle you haven’t done enough research on, Moody recommends «doing most of your research online before going to an actual dealership.» Pay attention to any or extras that dealers may be offering. Two dealerships could offer the same car however one might offer better extras like free maintenance or discounts on car equipment, Moody explains. 2. You can apply for loan preapproval Loan is an important step to consider when purchasing a brand new car. It locks in your expected monthly costs with a possible lender before buying the vehicle. It is then possible to shop with a firm knowledge of how much you’ll be spending. 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 explains, high prices are what make loan preapproval all the more important to save money. Moody suggests preapproval by your financial institution or credit union. 3. Stick to your budget With vehicle prices hitting close to $50,000 you must 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, when prices are such as these, there’s no wiggle room. To determine how much you’re able to afford, use an to find your monthly financing cost. Don’t forget to take into vehicle expenses, like and . 4. Think about leasing for the short term If you have an eye on a specific car that you are struggling to find on the dealer lot, could be a viable option to get behind the car. «While leasing for the long term will cost more but leasing for a short period can let a buyer find the vehicle they are looking for at a cost that is affordable,» Moody says. By the time the lease ends, the economic environment will likely be different and you may be able to better afford to purchase a new car. 5. Purchase a pre-owned vehicle if you are flexible, buying a vehicle instead of a new one could be a good option. It’s not just a way to guarantee that you will be able to drive away with a car however, it could also mean money saved. «Those seeking a good bargain should consider second-hand cars,» Moody says. With the high demand for cars and a lack of supply, the cost of new cars will continue to be high. The current situation of the market for cars price of cars is affected by several things, such as inventory available as well as supply chain issues and . These all affect the price that you are charged at the dealer. But Moody states that the primary influence right now comes down to supply versus demand. «There are just about one million new cars at dealerships across America.» Moody says. «The used car inventory is nearly double. The lack of new cars combined with the high demand is pushing prices to go up.» To top this, actions made by the make borrowing money for your new car expensive also. The fourth quarter of 2022 saw people taking out loans for 4 percent more their vehicles, according to . In the fourth quarter of 2021, people taking out auto loans financed an average of $39,834against the average of 41,000 that owners of cars are financing in 2022. In the event of high interest rates and costly vehicles, you can expect to spend more on an expensive new car. What happens when prices for vehicles return to their normal levels? The question of car prices returning to their normal levels is a more complex problem. According to Moody new inventory is expected to start to return to normal by in the spring 2023. «There are many new models coming out and some supply chain issues should be worked out by then,» Moody says. Until then, you’ll need to be prepared to do more research than normal and perhaps settle for less than the car you’ve always wanted. However, just because the inventory isn’t as plentiful does not mean that you cannot leave the lot satisfied. The point is that if you have the flexibility to wait on buying a new car It could be worth it to save money. If you’re like the majority of Americans and are waiting for a car, it might make sense. Instead enter car buying 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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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase 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 gain the confidence to manage their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.

Auto loans editor

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