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How to buy a new car in a high-cost environment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data without cost, so that you can make decisions about your finances without a doubt. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not include the universe of companies or financial deals that may be open to you.



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

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain 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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The purchase of a new car comes with the added perks of personalization, the most recent technology and the sought-after fresh car smell. But over the past several months, purchasing a brand new car has also come with record-breaking costs. Up 11.9 percent from around the time of last year. the average new car transaction price (ATP) reached $48,000, according to reports . If purchasing a new car is likely to be in the near in the near future, it's best to take into consideration the best practices prior to going to find a dealer. Five ways to save money when buying a brand new car when prices are high when it comes to any major purchase the key to saving money is to prepare. It is important to do some research prior to beginning your buying a car, and then lock your financing through and budget in line with. In addition, with the cost of cars at an all-time high, it might be a good time to think about buying a car instead of new. Together with our experts Brian Moody, executive editor at Autotrader offered his suggestions for saving money regardless of the general car buying market. 1. Do your research prior to going to the dealership. The internet has transformed the process of buying a car and allow you to know exactly what dealerships have available before going in person. This is especially important with less inventory available. Check vehicle availability in your local area prior to visiting to the dealership in person. If you don't, you could be pushed to purchase a vehicle that you've not done enough research about. Moody recommends "doing most of your research online before going to a dealership in person." Pay close attention to any or extras that dealerships might be offering. Two dealerships might offer the same car however one might offer better extras like free maintenance or discounts on car accessories, Moody explains. 2. You can apply for loan preapproval. This is an important step to consider when purchasing a brand new vehicle. It locks in your expected monthly costs with a possible lender before you purchase the car. You can then look around with a clear knowledge of how much you're able to spend. But when be sure to take it in the same way you approach car shopping -- look at the different lenders, and don't decide on the first one you are presented with. As Moody states, the high cost of loans are what make loan preapproval all the more essential to saving cash. Moody also recommends getting preapproved by your lender or bank. 3. Keep your budget in check car prices reaching close to $50,000 you must make your budget your guide when shopping for a car. While it's true that regardless of the environment it is wise to stay within your budget, when prices are that high, there's not much wiggle room. To determine how much you can afford you can afford, use an application to calculate the monthly cost of financing. And don't forget to factor into the cost of your vehicle, such as and . 4. Think about leasing for the short-term, if your sights set on a specific car that you are struggling to find on the lot of the dealer, it could be a viable option to continue to take the steering wheel. "While leasing long term costs more, leasing for the short term can help a buyer obtain the car they desire at an affordable price," Moody says. At the time that the lease is over the market will likely be different and you could be able to better afford to buy new. 5. Purchase a pre-owned vehicle if you have some flexibility and are willing to spend money on a vehicle instead of purchasing a brand new one can be a good alternative. It will not only ensure that you can actually get around in a vehicle and not have to worry about parking, but it can also result in savings. "Those who are looking for a bargain bargain should check out used automobiles," Moody says. Due to the huge demand for vehicles and the comparatively low availability, prices for new cars remain very expensive. The present state of the car market Current price of cars is affected by several things, such as inventory available, remaining supply chain issues and . All of these affect the cost which you will pay in the dealership. However, Moody states that the primary influence right now comes down to supply versus demand. "There only around 1 million brand new cars in dealerships across the country." Moody says. "The used inventory of cars is greater than twice that. That low supply of new cars combined with the high demand is pushing prices up." To top this, actions made by the make borrowing money to purchase a new car costly also. Fourth quarter 2022 witnessed drivers taking out loans for 4 percent more their cars, as per . During the Fourth Quarter of 2021, those who borrowed auto loans were able to finance an average of $39,834as opposed to the typical $41,445 that car owners finance in 2022. Due to the combination of the high rates of interest and the cost of cars, it is possible to pay more for an expensive new car. What happens when prices for vehicles return to normal? The question of vehicle prices returning to normal is a slightly more complicated issue. But, according to Moody the new inventory will begin to normalize by the spring 2023. "There are many new models in the pipeline and certain supply chain issues will be worked out by then," Moody says. In the meantime, you'll have to be prepared to conduct more research than normal, and possibly settle for less than your dream car. However, just because there's a limited inventory does not mean that you cannot leave the lot satisfied. The main point is this: If you're willing to wait on buying the latest car this could be worth the cost of saving. If you're like many Americans and are waiting for a car, it might not be an option. Make sure you do more caution and be prepared to pay some more, even if you end up with a great deal. Learn more


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase a car.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.






Auto loans editor




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