Why Right Now Could Be the Best Time to Buy a Car
There are still previous year models on the lot, and every dealer knows the value and market appeal for those is dropping with each passing month. That’s especially true if those particular models didn’t get a 2021 version (including the Chevy Malibu, Buick Regal, Honda Fit, Kia Optima, and more).
While industry experts are projecting an overall increase in car sales nationwide this year, there’s still a lot of uncertainty making them nervous. The numbers really are in your favor. Speaking of numbers, there are several you should know before you even step foot on the car lot.
Numbers You Need to Know
- Maximum loan amount. We don’t mean the highest dollar amount you can get approved for, but the number you’re comfortable with. Getting pre-approved keeps you in control of the situation. You get plenty of time to figure out the best options (length of loan, rate, payment) for you and your current situation. Driving around in that new car will lose a lot of the fun factor if you’re stressing about the hit each monthly payment has on your checking account.
- The value of the vehicle you’re looking to buy. Utilizing tools like Edmunds, Kelley Blue Book, NADA, and Carfax are a great way to arm yourself with purchasing power. Finally, if you already have a vehicle, you want to have a clear picture of its value. Remember, you aren’t required to trade it in to get your new vehicle. If a private sale directly to another person is possible, you could get significantly more and put that money toward a larger down payment. Remember, just because your car has value doesn’t mean you’re guaranteed to find a private buyer. This comes down to how much time and effort you want to spend in getting something out of your current vehicle.
- Used cars are still a really good option. Not only do you skip the depreciation from driving a new car off the lot, but many used models hold their value well, which means you can maximize your money.
Get Started Today
You don’t want to drag your feet and miss out on the opportunity to get a great deal again. Follow these steps to get the best deal on your next car.
- Check out our payment calculator to look at sample payments for different loan amounts.
- Give us a call! We can help you figure out how much car you can afford, share our current rates with you, and pre-approve you to start shopping.
Whether it’s a new or used car, we can help from start to finish.