5 Tips to Save Money When Buying a New Car

Set your budget using an auto loan calculator to estimate monthly payments
Get pre-approved for financing from your bank, not the dealer
Look at dealerships a couple hours away, not just local ones
Get quotes from multiple dealerships to negotiate better deals
Dealers make more money on financing, so avoid their offers

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Relevant topic timeline:

8/22/2023

Car buyers feeling the pinch of higher prices, payments

American car buyers are facing increasing challenges in purchasing new vehicles due to inflation and rising interest rates, with the average monthly new car payment reaching around $750, creating potential financial strain for many buyers, especially those in subprime categories, and the resumption of student loan payments may further exacerbate the situation, impacting carmakers and potentially leading to price adjustments in the market.

8/25/2023

Can you get affordable deals on new cars this Labor Day? - WTOP News

Labor Day car deals are offering financing offers, cash-back offers, and lease deals, but high interest rates and increased demand for SUVs and trucks may drive up prices on other vehicles.

10/12/2023

Rising Rates Raise Alarm Bells for Subprime Auto Market

Many borrowers with subprime credit are facing higher borrowing costs, with rates on new auto loans ranging from 17% to 22%, as the Federal Reserve's inflation fight takes a toll on lower-income households, but investors in subprime auto bonds remain confident despite the risks.

10/13/2023

Risks Rise for Subprime Car Buyers as Loans Hit 17-22% APR

The high interest rates on subprime auto loans in the US may lead to increased risks of late payments, defaults, and car repossessions, although investors in these bonds have yet to be concerned.