Inflation and high prices are increasingly becoming a fact of life for today’s consumers. When you are aiming to buy a new car, the reality of inflation may hit you when you see the prices many consumers are paying for their vehicles.
Luckily, there are still some ways you can save money and avoid sticker shock when buying a new car.
Check Out Used Cars
A great way to pay much less for a new set of wheels is to skip the brand-new car showroom and opt for a used vehicle. You can even buy a car that is practically new if you wait to time your purchase for the end of the year. You can get this year’s new model at a steep discount in the used car lot.
Skip the Most Popular Models
If you’re determined to purchase a new vehicle, one way you can spend less money is to avoid the most popular models that may not be in stock. Ford trucks, Dodge Rams, Toyota RAV4s, and Camrys are some of the top-selling vehicles in the country. Additionally, brand new models, such as the new Ford Bronco, may also be higher-priced than cars that aren’t as in demand.
Pay Cash Instead of Financing
Another way you can save more on a new car purchase is to skip the financing office and offer to pay in cash. Dealerships often make most of their profit from car loans in the form of interest rates and charges. You can avoid paying extra each month to finance a car by using a lump sum of cash for your purchase.
Pick a Vehicle from the Lot
The supply chain struggles may have an impact on vehicle inventory, especially for brand-new cars. When you’re ready to purchase your new vehicle, make sure you pick a car that is located on the lot, so you don’t have to pay a premium for a special order new Land Rover for sale. You may not get the exact features and options you want, but you’ll save big time.
Look for Incentives
You can also take advantage of the dealer’s incentives to help lower the cost of a new car. Car manufacturers may also offer special incentives to new car buyers. Before visiting a dealer, look online for offers and potential seasonal opportunities that could help lower the cost of your purchase. Don’t be afraid to negotiate with each dealer and shop around in your region to get the best price.
Offer a Trade-In
Finally, new car values may be at an all-time high due to inflation, but one place where you can take advantage of the market conditions is in your trade-in value. Dealers may be offering much higher prices for trade-ins, which could help you knock more money off of your new vehicle purchase. Before agreeing to a trade-in, research the value of your car in its present condition.
Find a Car in Your Budget With These Tips
Buying a new car when there is inflation or vehicle shortages doesn’t mean you have to pay much more than you want to. Use these strategies to stay within your budget.