The year is over half gone, and new cars are starting to come out on the lots. It’s an ideal time to take a peek at what’s available. If you’re in the market for a new car, this is a great time to consider one, especially if you have a decent used one to trade in.
New car prices have remained steady, while used car prices have risen. That means you can get more for your trade-in than you typically would and still pay the same price for a brand-new car. And who doesn’t want a new set of wheels? But before you run down to the car lot, consider these tips to help you achieve maximum savings on that new ride.
Compare Trim Type Vs. Car Packages
Once you decide what car you want, you may begin looking at the trim levels. If you’re like many people, you might be tempted to get the highest/best trim level because you want all the features. That’s understandable. However, it pays to compare the price of the high trim level to a lower trim.
For example, you may want the Toyota Camry XLE because of all the great safety tech, larger infotainment screen, and other features. But many Camry SE packages will add those features to the car for a lower price than the XLE. So, you’ll get what you want for less!
Get the Best Interest Rate
You can’t change some factors that go into your interest rate. Your credit score is a big determiner of what type of rate you’ll get. However, you do have control over some aspects of it. The length of your car loan will play a role in your interest rate. If you can afford a higher monthly payment, you’ll get a lower interest rate by doing a shorter loan term.
Also, you may benefit by checking out the rates at your local bank or credit union and comparing it to the dealership rate. Keep in mind that the dealership can negotiate the interest rate.
Check for Dealer Specials
Dealerships are always running a special. It may be on a certain type of vehicle. Sometimes, the special deal is for a certain demographic of people, like first responders or individuals in the military. Other times it will be a limited special on the interest rate if your credit score falls within the right range. Whatever the case, it’s smart shopping to see what specials the dealerships offer before purchasing.
Consider Insurance Costs
Some vehicles are going to cost more in insurance. So, you must calculate this into your overall monthly budget. Finding the lowest insurance rate is an important part of the puzzle. Check out how Freeway Car Insurance can help you find quality, budget-friendly car insurance.
Look for Family “Connections”
If you’re in the market for a vehicle made by GM, Ford, or FCA and have a family member who currently works or is retired from one of these automakers, you may be eligible for a friends and family discount. If you have family in Michigan, you’re probably sure to have one relative who has worked at one of the big three.
Cruise Into Savings
Now that you have a few tips under your belt, cruise down to your local dealership and check out the new rides.