How to buy a new car Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this site, including such things as the order in which they appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews that you read on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you. Caiaimage/Martin Barraud/Getty Images
5 minutes read. Published October 21, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is an expert in understanding the details of borrowing money to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers to take control of their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee
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There are money-related questions. Bankrate has answers. Our experts have been helping you master your money for more than four years. We continually strive to give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. The content we create by our editorial team is objective, factual and is not influenced from our advertising. We’re open about the ways we’re able to bring quality content, competitive rates, and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products or services, or by you clicking on certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether the product is available in your region or within your own personal credit score can also impact the manner in which products appear on this website. Although we try to offer a wide range offers, Bankrate does not include the details of each financial or credit item or service. If you’ve spent the last few months dreaming of getting a brand new car in your driveway, you’re probably checking out models, comparing deals and considering what additional features you are able to pay for. Buying a car is a big investment; you’ll need to think about costs of financing, the options for financing and negotiation strategies before you head to the dealership. 7 steps to buy the perfect car. When you’re ready, follow these steps to get the most out of your car-buying experience and walk away with the vehicle that you’ve always wanted for an affordable cost that doesn’t break the bank. 1. Find out your budget may have your heart set on a specific car, but you won’t be able to drive it home unless you . Think about the monthly payments together with other . One good rule of thumb is to spend no more than 20 percent of your household’s monthly income on a new car. This figure should include the monthly car loan payments and all other expenses, like fuel, , maintenance and repairs, as well as registration fees. The monthly payment, by itself it is recommended to aim for no less than 15% of your earnings. You can use this to determine an accurate estimation of the amount you can expect to pay every month, and also in interest over the course of the loan. It’s equally important to as it will determine the interest rate you receive. 2. Decide whether you want to buy or lease Do you plan to drive your car for until the wheels can stay on? If so, buying is the best choice as you’ll be able to trade or sell the vehicle when you want to get a new set of wheels. If you’re looking for a new car every three years . Leasing means that you might get a more upscale car for your money as they typically come with less down payment requirements and an affordable monthly installment. But you’ll not be able to purchase the car for yourself and will need to check out for specific lease terms including mileage restrictions and wear-and-tear fees, to avoid expensive fines. Look at the cars that are on your radar and weigh the ones you like. Bankrate’s website can help you estimate potential savings on the cost of purchasing or leasing to help you make an informed decision. Consider certified pre-owned
Certified pre-owned vehicles can be an excellent option to get an upgrade to a brand new vehicle and a cheaper bill. You’ll get reassurance of the manufacturer’s warranty that you can’t get from a private vendor.
3. Research Once you have established your budget and determine the best type of ownership for your driving style, begin looking into the cars that have been awe-inspiring to you. The first step is to visit the websites of automakers and independent information websites to evaluate the features that are most important to you. Note the MSRPs (manufacturer’s proposed retail price) and invoice prices. Also, check your local listing of inventories to see what is available in your region. Additionally, research discounts. A lot of automakers offer discounts for students, military members and even members of certain credit unions. Discounts can be stacked and paired with cash-back rebates offered on the vehicle, which should be deducted after you have negotiated the price. Visit the website of the manufacturer for these incentives before heading in. 4. Find out the actual cost cost of car ownership is far more than your initial payment. Use websites like or to get an idea of gas, insurance, repair and maintenance costs in your region — however, these figures will vary based on your driving habits. For even better accuracy you can calculate your own cost to calculate the cost of fuel based on the number of miles you take in each year and request a quote for the cars you’re thinking of buying. It is essential to provide the insurance agent the exact model, trim level, engine and add-ons to get an accurate quote. It’s important to remember that the cost of fees such as registration fees, sales tax and document fees aren’t included on the sticker price that dealers advertise. Bankrate’s tip
Request a full breakdown of the quote to know the charges to expect.
Bankrate tip: Think about fees, like registration, tax, and documentation fees not included on the price offered by dealers. Ask for a complete breakdown of the quote to know the charges to expect for five. Make sure you lock in your financing prior to making a trip to the dealership. Dealers don’t only want to sell you a carthey’re also looking to coordinate the car loan too. Dealers typically pay either a flat fee or commission on the auto loans they facilitate, regardless of whether or not the loan is from the manufacturer or a local lender. Instead of having the dealer do the work, in banks and credit unions prior to going to the dealership, you can check with banks and credit unions before heading to the. Being preapproved by an institution like a credit union, bank or an online lender doesn’t mean you need to accept the deal, but it can aid you in determining the most affordable financing option. It could also give you negotiating power if you give the preapproval for your lender and they promise to beat out the rate to earn your business. To secure a preapproval letter, you’ll need to provide your personal, employment and income information with the lender. They might also ask about any other debts that you are currently obligated to pay off. how much of an auto loan you can afford. 6. Test drive Most car shoppers keep their new vehicles for around six years, so take your time when you test drive. You must ensure that you love the car, especially in the event that you frequently drive to work or travel. Do not hesitate to request an extended time behind the car. Spend time in the car while it’s parked to adjust the seats, experiment with the controls, and decide if passengers would be comfortable and if your regular goods would be a good fit. 7. Negotiate When it’s time to talk about pricing, prepare with the information you’ve gathered. Check out if other dealers offer better deals on your car and ask for price matches with your salesperson. If you’re interested , save that discussion for when you’re negotiating the sale cost of your new vehicle. Separately discussing these issues will help you get an even better price for your current vehicle and will be better if you’ve done research on the value of your current vehicle on the internet. Before signing the contract, you should review the entire contract carefully. Examine any proposed fees and ensure that what you negotiated verbally is also written down in writing. You should also be willing to decline those nice-to-have extras that may not be necessary, or the whole package in the event that it isn’t working for you and the salesperson isn’t willing to change his mind. The present state of the car market . Buying a new vehicle requires a few additional factors to consider. New car average transaction prices (ATPs) reached record-breaking levels at over $48,000, for the fifth straight month in August 2022, according to . The prices you will likely encounter are due to a simple issue of demand and supply. There are fewer vehicles available in car dealerships because of supply chain issues, and drivers in need of vehicles, costs are higher. Along with the increase in demand and supply, the choice from the to quell inflation has led to the cost of borrowing higher as well. This can be seen in the amount of money that people are financing, an average of $40,290 in the second quarter of 2022 versus $35,587 by 2021, according to . It’s a sign that you need to be prepared to pay some more money on your new vehicle. Next steps Buying a new car can be a thrilling process, and there is no better feeling than driving off the lot knowing you got the best price. However, before you begin your look for that perfect car make sure the finances of your family are on track, and your credit score is at level. It’s equally crucial to review your budget to figure out how much car you can afford. Once you have ironed out all financial aspects look around for the most affordable financing to allow you to make a decision with confidence. Making your way to the dealership with a plan can help you choose the most affordable solution that fits your budget. Learn more
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to control their finances through providing concise, well-studied and well-researched content that breaks down complicated subjects into digestible chunks.
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