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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 goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and compare information for free to help you make sound financial decisions. 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 come from companies that pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the sequence in which they be displayed within the listing categories and other categories, unless prohibited by law for our loans, mortgages,, and other home loan products. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offerings that might be available to you. Caiaimage/Martin Barraud/Getty Images

5 min read published 21st October 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is an expert with the details of borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers to manage their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate promises

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At Bankrate we strive to help you make smarter financial decisions. We adhere to the highest standards of editorial integrity ,

This article may include the mention of products made by our partners. Here’s an explanation for how we make money . The Bankrate promise

Founded in 1976, Bankrate has a long track experience of helping customers make informed financial decisions.

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They ensure that what we write will ensure that our content is reliable, honest and trustworthy. We have loans reporter and editor are focused on the points consumers care about the most — the various types of loans available as well as the best rates, the top lenders, how to pay off debt and much more. So you can feel confident when making a decision about your investment. Integrity in editing

Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters provide honest and trustworthy information to aid you in making the best financial decisions. The key principles We appreciate your trust. Our aim is to provide our readers with accurate and unbiased information. We have standards for editorial content in place to ensure this happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure the information you’re reading is correct. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn’t receive any direct payment through our sponsors. Editorial Independence Bankrate’s editorial staff writes in the name of YOU as the reader. Our goal is to provide you the best advice that will assist you in making smart personal finance decisions. We adhere to strict guidelines in order to make sure that the content we publish isn’t affected by advertisements. Our editorial team is not paid any compensation directly from advertisers and our content is verified to guarantee its accuracy. So when you read an article or a report it is safe to know that you’re getting credible and dependable information. How we earn money

There are money-related questions. Bankrate can help. Our experts have helped you understand your money for more than four decades. We are constantly striving to provide consumers with the expert guidance and tools required to make it through life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors and reporters provide honest and trustworthy content to help you make the best financial decisions. Our content produced by our editorial staff is objective, factual, and not influenced from our advertising. We’re honest about the ways we’re able to bring quality content, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking certain links posted on our site. So, this compensation can influence the manner, place and when products are listed in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own website rules and whether or not a product is available within your region or within your personal credit score may also influence how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include the details of every financial or credit product or service. If you’ve been spending the last several months dreaming of having a new ride in your driveway, chances are you’re considering different various models, looking at deals, and evaluating what add-ons you can afford. The purchase of a car is an expensive purchase so you’ll need to consider the price of financing, the options for financing and negotiation tactics before heading to the dealer. 7 steps to buying a new car When you’re ready, follow these seven steps to maximize your car-buying experience and walk away with the car of your dreams at an affordable cost that doesn’t cost you a fortune. 1. Determine the amount you can afford. You may have your heart set on a particular car, but you won’t be able to drive it home until you . Think about the monthly payments along with other . One good guideline is to spend no more that 20 per cent of the household’s monthly income on a new car. This figure should include your monthly car loan payments and all other expenses, like fuel, , maintenance repair, registration and maintenance fees. For the monthly installment alone it is recommended to make sure that you are not paying less than 15% of your income. Utilize this calculator to obtain an accurate estimate of what you can expect to pay every month, and also in interest over the life of your loan. This is equally important as it will determine the rate of interest you pay. 2. Decide whether you want to lease or buy the car Do you want to drive the vehicle as long as the wheels remain on? If so, buying is the best choice as you’ll have the ability to trade or sell the vehicle whenever you’d like to get a new set of wheels. However, if you want an upgrade at least every 3 years . Leasing means that you might get a more upscale car for your money as they typically have lower down payment requirements and a more affordable monthly payment. But you won’t own the car outright and you’ll need to look out for specific lease terms like mileage limitations and wear-and tear fees to avoid costly penalties. Look at the cars that are you’re considering and consider the pros and cons of each. Bankrate’s can help you estimate potential cost savings of buying or leasing, so you can make an informed decision. Think about certified used

Certified pre-owned options can be a great route toward a new car and lower cost. You’ll get reassurance of the warranty of the manufacturer which you won’t receive from a private vendor.

3. Research Once you have established your budget and have determined the right kind of ownership to suit your driving style, begin investigating the vehicles that attracted your attention. Start by visiting the websites of automakers and independent information sites to assess the features that are important to you. Take note of the MSRPs (manufacturer’s suggested retail prices) and invoice prices. Also, check local inventory listings to find out what’s available in your region. Additionally, research discounts. Numerous automakers offer discounts to military members, students, and even members of specific credit unions. Discounts can be stacked and paired with cash-back rebates offered on the vehicle which must be taken after you negotiate the price. Go to the site of the automaker for such incentives prior to stepping in. 4. Calculate the real cost cost of car ownership is much more than just your initial payment. Check out websites like to get a general idea of gas, insurance, repair and maintenance costs in your region — however, these figures will vary based on your driving habits. To get even more precise you can calculate your own cost for fuel costs based on the amount of miles you take in each year and then get a price estimate for the vehicles you’re considering. You’ll need to inform your insurance company the exact model and trim level, as well as the engine and add-ons to get an accurate quote. It’s important to remember that additional fees, such as taxes on sales, registration fees and document fees aren’t included on the sticker price offered by dealers. Bankrate tip

Request a full breakdown to know the fees to expect

Bankrate tip: Consider charges, such as sales tax, registration fees and document fees, that aren’t included on the price advertised by dealers. Ask for a complete breakdown of the quote so that you know what charges to expect for 5. Make sure you lock in your financing prior to going to the dealer Dealers don’t just want to sell you a car -they also want to facilitate the car loan too. Dealers typically receive an uncapped fee or commission on the automobile loans they facilitate no matter if the loan originates directly from the maker or from an local lender. Instead of having the dealer handle the task, you can have them look it up you can inquire at credit unions and banks and prior to going to the dealership, you can check with banks and credit unions before heading to the. Getting preapproved by the credit union, bank or online lender does not mean that you are required to sign up for the offer however, it will assist you in determining the most affordable financing option. It may also grant you negotiating power if you present the preapproval to your lender and they offer to beat out the interest rate in exchange for your business. In order to obtain a preapproval letter, you’ll need to provide your personal, employment and income information for the lender. They can also inquire about other outstanding debt obligations you currently have to determine how much you can afford for an automobile loan you can manage to pay for. 6. Test drive Most car shoppers maintain their new cars for around six years, so make sure you take your time when you test drive. Be sure you truly 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 steering wheel. Spend time in the car while it’s parked to adjust the seats, test the controls and figure out if passengers will be comfortable, and if your regular cargo would fit well. 7. Negotiate Once it’s time to talk about pricing, prepare with the information you’ve gathered. See if other dealerships offer better prices on your car and ask for a price match from the sales representative. If you’re interested discuss this, you should do it when you’ve negotiated the purchase price of your new car. Talking about these things separately will help you get a better deal on your current vehicle and you’ll do better if you’ve conducted some research on your current car’s value on the internet. Before signing the final contract, examine all the terms carefully. Examine any proposed fees and make sure that anything that you had negotiated verbally is documented in writing. You should also be ready to decline the extras that may not be necessary, or to the entire deal in the event that it isn’t working for you and the salesperson refuses to change his mind. Current state of the new automobile market. Purchasing a new car requires some additional factors to consider. The average transaction price for new vehicles (ATPs) have surpassed record levels over $48,000 for the fifth month in a row in August of 2022, according to . The prices you will likely encounter result from a basic issue of demand and supply. With fewer vehicles at car dealerships, because of supply chain issues, and drivers using vehicles, the prices are rising. In addition to the supply and demand, choices from the to quell inflation has led to the cost to borrow higher as well. This is evident in the amount of money that people are financing, an average of $40,290 in the 2nd quarter of 2022 versus $35,587 by 2021, according to . This means you should prepare to spend some extra money for the new car you purchase. Next steps Buying a new car is a thrilling processand there’s nothing more satisfying than leaving the car dealership with the knowledge that you’ve got the best price. But before you start your search for the perfect vehicle, ensure the finances of your family are on track, and your credit score is on par. It’s equally important to assess your spending plan to determine the amount of car you can afford. Once you have ironed out the financial details you can shop around to find the best deal on financing so you can negotiate with confidence. Ahead of time, a dealership visit can help you choose the most affordable solution which fits within your budget. Find out more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to control their finances by providing precise, well-studied information that breaks down complicated subjects into digestible chunks.

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