The used car market is hot, and even when there isn't a supply problem, you can usually sell your vehicle for more than the dealer will pay you on a trade-in. Warning: Very few people qualify for the heavily advertised 0% interest rates, so don't get your hopes up. Check rates with your credit union or bank to see what they are offering, so you'll know if the dealer's offer is a good one. Knocking a point off the interest rate by shopping around will save you hundreds and lower your monthly payments. Your interest charges are one of the most expensive aspects of car ownership. While those smaller payments may sound attractive, be aware that you will pay more in overall interest costs if you only make the minimum payments. Consider Costs When Choosing Loan Termsĭealers offer longer loans (72 or 84 months) to reduce your monthly payments. ![]() You can always buy an extended warranty or vehicle service contract later. If you're not sure of your needs, consider opening a special savings account to draw on if you need after-warranty repairs. Today's new car warranties are very good, and extended service contracts can be costly. Do some comparison shopping when you're ready to buy. If you want floor mats, cargo containers or fabric treatments, you don't have to buy them right away. If you don't need all the bells and whistles, skipping the packages on a particular model can save you up to 20%. Most manufacturers don't let you pick and choose your options you have to buy them in packages. You can still take your car to your local dealer for service and warranty work. If buying from a dealer 70 miles away will save you money, consider it. Consumers' Checkbook provides instructions on how to collect bids. Even if the car you want is in short supply, the only way to obtain the best price for it is to force dealers to compete with one another. ![]() Everybody is looking for SUVs, but if a sedan meets your needs, you can find some good prices.Īlso, ask several dealerships in your area to provide competitive bids on the make and model of vehicle you want. You can find some deals and incentives, especially on less popular vehicles. If your transportation needs are such that you must buy now, here are some tips to help you get the best deal. "About the only vehicles where there are enough in showrooms right now, that a consumer can walk in and get pretty much what they want, is when you're talking about slow-selling sedans and coupes, and maybe sports cars."Įight Shopping Tips if You Need To Buy Now "It does vary by models and region, so shortages may be more severe in some parts of the country than others," said Paul Eisenstein, publisher and editor-in-chief of news service. As soon as we get a VIN (vehicle identification number) from the manufacturer, customers sign up and they wait three to six weeks to get delivery of their car." "As an example, we used to have 40 to 50 Escalades on the ground today we don't have any," Brotherton said. Now, for popular models such as SUVs and pickups, dealers only have a 10-20 day supply, and in some cases, it's hard to find the vehicle you want on the lot.īrad Brotherton, who owns Cadillac, Buick, and GMC dealerships in the greater Seattle area, is dealing with "a massive reduction" in inventory. ![]() In normal times, new car dealers stock a 60-day supply of vehicles. You may be able to order what you want from the factory, "but there's no guarantee how long it will take, or if that vehicle will even be built," Cort said. That's where we are right now."Īt Sport Honda in Silver Spring, Maryland, sales manager Andrew Cort describes the shortage of vehicles as even "more severe" than anticipated. "There's never been a time where I could tell a customer, honestly, if you leave here, there's a very good possibility this car is not going to be here when you come back. "Demand is high and supply is the lowest I've ever seen, and I've been doing this for about 20 years," Seney said. "That means buyers may not have the choices they did previously in terms of the trim levels, or even perhaps the vehicle they want."Īt Heartland Toyota in Bremerton, Washington, 65 miles north of Seattle, customers are making deposits on vehicles that are not even built yet, general manager Mike Seney said. "Automakers don't have the production to keep up with how many people want to buy new cars," said Jessica Caldwell, executive director of insights at Edmunds.
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