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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 mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct studies and compare information for free - so that you can 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 Make Money The deals that are displayed on this site are from companies who pay us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they may be displayed within the listing categories and other categories, unless prohibited by law. Our loans, mortgages, and other products for home loans. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that could be accessible to you. Caiaimage/Martin Barraud/Getty Images
5 min read published October 21, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in understanding the ins and outs of securely borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing concise, well-researched and researched information that breaks down complex subjects into digestible pieces. The Bankrate promise
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There are money-related questions. Bankrate has answers. Our experts have been helping you manage your money for more than four decades. We strive to continuously provide consumers with the expert guidance and tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. The content created by our editorial staff is factual, objective and uninfluenced by our advertisers. We're transparent regarding how we're able to bring quality content, competitive rates, and practical tools for our customers by revealing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products or services, or when you click on certain hyperlinks on our site. This compensation could impact how, where and when products are listed in the event that they are not permitted by law for our mortgage, home equity and other home lending products. Other factors, like our own proprietary website rules and whether a product is offered in your area or at your own personal credit score could also affect the manner in which products appear on this website. We strive to provide an array of offers, Bankrate does not include details about each financial or credit item or service. If you've spent the past few months dreaming of getting a brand new car in your driveway, chances are you're looking at various models, looking at deals, and considering what additional features you are able to pay for. Car purchases are an expensive purchase and you'll have to think about the cost of financing, the options for financing and negotiation strategies before you head to the dealer. 7 steps to buying the perfect car. When you're ready, adhere to these seven steps to make the most of the car buying experience. You'll walk away with the vehicle you've always wanted at an affordable cost that doesn't be a burden on your budget. 1. Figure out your budget may be tempted to set your sights on a specific vehicle, but you will not be able take it home unless you . Consider the monthly payment along with other . The best guideline is to not spend more then 20 percent of your monthly household income on a new car. This should include your monthly car loan payment as well as any other expenses, like fuel, , maintenance repair, registration and maintenance fees. For the monthly payment alone it is recommended to aim for no less than 15% of your income. Utilize this calculator to obtain an accurate estimate of how much you can expect to pay each month and the interest over the duration of the loan. It's equally important to as it determines the interest rate you receive. 2. Decide whether you want to buy or lease Do you plan to drive your car for as long as the wheels are 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. But, if you're looking to get to buy a new car every three years . Leases can let you find a better vehicle for the money, as they typically come with less down payment requirements and a more affordable monthly payment. However, you will not be able to purchase the car for yourself and you'll need to look for lease conditions that are specific like mileage limitations and wear-and-tear fees, to avoid expensive fines. Look at the cars that are on your radar and weigh the pros and cons of each. Bankrate's website can help you estimate potential savings from buying or leasing, so you can make an informed decision. Take into consideration certified pre-owned
Pre-owned certified options are the perfect way to save money on a new car and a cheaper bill. You'll get reassurance of the warranty of the manufacturer that you wouldn't get from a private dealer.
3. Research After you set your budget and determine the right type of ownership for your driving habits, you can begin looking into the cars that have caught your eye. Start by visiting the websites of automakers and independent information sites to determine the features that are important to you. Take note of the MSRPs (manufacturer's suggested retail prices) and the invoice price. Also, check local inventory listings to see what's available in your region. Also research any possible discounts. Many automakers offer discounts to military members, students, and even members of specific credit unions. Discounts can be stacked and combined with any cash-back rebates offered on the vehicle that should be taken when you negotiate the price. Check the automaker's website for the incentives prior to going into. 4. Find out the actual cost price of owning a car is far more than your initial payment. Check out websites like to get a rough idea of gas, insurance and repair and maintenance costs in your region -- though these numbers will depend on your driving habits. For greater accuracy make your own calculations for fuel costs based on the amount of miles you drive annually and get an quote on the vehicles you're considering. You'll need to inform the insurance agent the exact model and trim level, as well as the engine and add-ons to get an accurate estimate. It is important to keep in mind that fees, like sales tax, registration fees and documentation fees are not included in the price offered by dealers. Bankrate's tip
Request a detailed price breakdown of the quote to know the charges to expect.
Bankrate tip: Think about the cost of fees like registration fees, sales tax and documentation fees not included on the sticker price advertised by dealers. Ask for a complete breakdown so that you know what fees to expect 5. Secure your financing prior to visiting the dealership Dealers don't only want to sell you a carthey also want to facilitate the car loan too. Dealers usually receive a flat fee or a commission on the automobile loans they facilitate, regardless of whether the loan originates from the manufacturer or a local lender. Instead of having your dealer take care of the job, check you can inquire at credit unions and banks prior to going to the dealership. Preapproval from an institution like a credit union, bank or online lender doesn't mean you have to take that deal however it could aid you in determining which option for financing is the least expensive. It can also potentially give you negotiating power if you present the preapproval for your lender and they agree to beat out the rate to earn your business. To obtain a preapproval form you'll have to submit your personal, employment and income details to the lender. They can also inquire about any outstanding debt obligations you're currently facing to figure out how much the auto loan you can afford. 6. Test drive The majority of car buyers keep their new cars for about six years, so take your time with the test drive. Make sure that you really enjoy the car, particularly when you use it to work or travel. Do not hesitate to request additional time at the car. You can spend time in the car when it's parked, adjusting the seats, test the controls, and decide if the passengers are comfortable and if your regular cargo would fit well. 7. Negotiate When you're ready to meet and discuss about pricing, prepare with the research you've done. Check out if other dealers are offering better deals on your car and ask for a price match from your salesperson. If you're looking to discuss this, you should do it when you're negotiating the sale cost of your new vehicle. Having those conversations separately will help you get the best deal for the car you currently own, and you'll fare even better if you've conducted some research on your current car's value on the internet. Before signing the final contract, go over all the details carefully. Review any fees proposed and ensure that what you negotiated verbally is also documented in writing. You should also be willing to decline those nice-to-have extras that aren't necessary or the whole package when it's not working your way and the person selling it doesn't want to change his mind. Current state of the new car market Buying a brand new vehicle requires a few additional aspects to be considered. New vehicle average transaction prices (ATPs) hit record highs, above $48,000, for the fifth consecutive month in August of 2022 according to . The price hikes you'll likely face result from a basic problem of demand versus supply. There are fewer vehicles available in car dealerships due to lingering supply chain problems, and drivers using vehicles, the prices are increasing. In addition to the demand and supply, choices in the fight against inflation have made the cost of borrowing more expensive as well. This increase is reflected clearly in the amount of money that people are borrowing, an average of $40,290 in the second quarter of 2022 versus $35,587 in 2021, according to . It's a sign that you'll need to budget some extra money for your new car. The next step in buying a new car is a thrilling procedure, and there's no better feeling than leaving the dealership with the knowledge that you've got the best price. But before you start your search for the perfect vehicle be sure that your finances are in order and your credit score is up to the mark. It's equally important to assess your budget to figure out how much car you can afford. Once you have ironed out the financial details, shop around to find the best financing deal so you can make a decision with confidence. Going to the dealership prepared will help you find the most affordable financing option which fits within your budget. Find out more
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This article is 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 taking out loans to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing clear, well-researched information that break down complex subjects into digestible chunks.
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