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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 tools and financial calculators that provide objective and unique content. This allows you to conduct research and analyze information at no cost - so you can make financial decisions 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 products that appear on this website are provided by companies who pay us. This compensation can affect the way and when products appear on this site, including, for example, the order in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial deals that may be open to you.



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4 min 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 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 from late 2021. They are committed to helping readers gain confidence to take control of their finances with precise, well-studied information that breaks down otherwise 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 that coveted new car smell. But for the past few months, purchasing a brand new car has also brought record prices. With a rise of 11.9 percent from around the same time last year, the average purchase price (ATP) was $48,000, as reported by . If you are thinking of purchasing a new car is in your future, it is wise to consider best practices before setting out to the dealer. 5 ways to save money while buying a new car while costs are expensive when you are making a major purchase, the most effective way to save money is to prepare. It is essential to conduct study prior to starting car shopping, lock in your financing through and budget accordingly. With car costs being at an all-time high, it might be the perfect time to consider or even buying a car instead of buying a new. Together with our experts Brian Moody, executive editor at Autotrader, shared his advice on how to save money regardless of the macro car buying environment. 1. Do your research prior to going to the dealership. Online resources have shifted the car buying greatly and let you find out exactly what dealerships have available before you visit the dealer. This is especially important with less inventory available. Make sure you check the availability of vehicles in your region prior to going to the dealership in person. If you don't, you could be pushed to purchase a vehicle you haven't done enough research on, Moody recommends "doing the bulk of research online before going to a dealership in person." Pay close attention to any additional services or discounts dealers might offer. Two dealerships might be selling the same vehicle and one could offer better extras like discounted maintenance, or free automobile accessory items, Moody explains. 2. You can apply for loan preapproval. It is an important step in the purchase of a new car. It confirms your planned monthly expenses with a prospective lender before you purchase the car. You can then make a decision based on a solid knowledge of how much you'll be spending. Be sure to take it in the same way as you do when shopping for a car -- you need to compare lenders and don't sign off on the first one you come across. As Moody says, the cost of loans is high. mean that loan preapproval all the more crucial to save cash. Moody suggests preapproval with your local lender or bank. 3. Be mindful of your budget 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, with prices this high there isn't much wiggle room. To figure out how much you're able to afford, use an to find the monthly cost of financing. And don't forget to factor into the cost of your vehicle, such as and . 4. You might consider leasing for a short-term if you have an eye on a particular car is difficult to locate on the lot of the dealer, it could be a viable option to get behind the car. "While leasing long term costs more than leasing for a shorter time frame can allow a buyer to obtain the car they desire at a cost that is affordable," Moody says. When the lease is over, the economic environment will likely be different, and you might be able to purchase a new car. 5. Purchase a pre-owned 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. Not only will it make sure that you are able to get around in a vehicle however, it could also save you money. "Those who are looking for a bargain bargain should consider used cars," Moody says. With the high demand for vehicles and low inventory, new car prices remain very expensive. The current state of the market for cars high prices for cars are dependent on a variety of variables, including inventory availability and supply chain issues that remain and . All of these impact the cost which you will pay in the dealership. However, Moody says that the biggest influence right now comes down to supply versus demand. "There are only about 1 million new cars available at dealerships across the nation." Moody says. "The used car inventory is greater than twice that. The lack of new cars combined with strong demand is forcing prices up." To top this, moves made by the government make borrowing money for your new car expensive as well. The fourth quarter of 2022 saw motorists taking out loans for 4 percent more their cars, as per . During the 4th quarter in 2021,, those who borrowed auto loans were able to finance on average $39,834against the average of $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 their normal levels is a slightly more complicated question. But, according to Moody new inventory is expected to start to stabilize by the the spring of 2023. "There are numerous new models coming out and some supply chain issues should be solved by then," Moody says. So, until then, you'll need to be ready to conduct more research than usual, and possibly settle for less than your dream car. However, just because there's only a small selection of cars does not mean that you cannot leave the lot feeling satisfied. The main point is that when you're able to put off buying an automobile this could be worth the cost of saving. But if you're like most Americans and are waiting for a car, it might not be an option. Consider buying a car with a bit more research and be prepared to pay a bit more even if you leave with a good deal. Learn more


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to manage their finances by providing precise, well-studied information that breaks down complicated subjects into bite-sized pieces.






Auto loans editor




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