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7 min read published August 23, 2022
Edited by Naomi Mannino Written by Contributing writer
Naomi Mannino is a contributing writer for Bankrate. Naomi is a writer on loans and banks.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with precise, well-researched and well-researched content that break down complex topics into digestible chunks.
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In recent years , the purchasing of automobiles online has exploded among Americans. This trend is likely to continue. As an informed consumer it’s important to know how to locate the most affordable prices on vehicles when shopping on the internet. You have easy access to an immense amount of information that can aid you in the online buying process. From the Manufacturer’s Suggested Retail Price (MSRP) as well as trade-in values as well as financing, incentives inventory, expert reviews and user reviews all the information you require is readily available online. Utilize all of these details to become a knowledgeable shopper. 1. Make a budget. The first step is to determine how much to spend. This includes calculating annual and one-time expenses. The cost of fuel, as well as your down payment, all contribute to the price of the car and the ongoing monthly cost of owning a car. It is important to consider the interest you’ll pay since it is the biggest influence on your monthly payment and the total cost. Buyers who have higher credit scores will be better rates than those who have lower credit scores. Bankrate’s tip: Experts recommend taking at least 20% down payment, and not spending more than 10% of your budget for all car costs, including maintenance and insurance. 2. Pre-approved for an loan to get the most favorable deal on the car loan explore your options, and then talk to the lender before approaching any dealerships — either in person or online. Banks, credit unions and online lenders have preapprovals that let you to view your possible interest rate and monthly payment to help you shop wisely. When you’ve got preapproval, you can use it to leverage your loan . Dealer financing involves big markups, so getting a loan online first will help to get the best price. “When you’ve reached an agreement on a price, present the dealer the financing you have secured and ask if they can beat that price,” says Matt DeLorenzo, senior managing editor for Kelley Blue Book. “Sometimes dealers have little-known incentives attached to manufacturer-sponsored financing, which could save you money.” Bankrate tip: By prequalifying for a loan in advance, you’ll know your interest rate, which plays a significant role in how much your monthly payment will be and the total cost over the life of the loan. 3. Find the right car for your needs. The majority of people are already using the internet to determine and discover the most information possible about the make, model and alternatives. Websites provide expert reviews and articles on thousands of vehicles, providing the top vehicles that are suitable for various types of lifestyles, according to CarGurus the Deputy Editor Matt Smith. “And thanks to YouTube, consumers do not have to go to the vehicle lot in order to have a glimpse of cars that appeal to them,” Smith says. You can do most of your shopping online, which cuts short the time spent on the lot. And in some cases, dealers provide completely online purchasing procedures, but it might not offer the capability to negotiate prices. Bankrate’s advice: It may be an excellent idea to visit a car in person before signing a contract. Contact the dealership and ask an agent to take photographs of the car you are interested in However, it is recommended that you go for a test drive and mechanic inspection before buying. 4. Research the value of your trade. Knowing the value of your trade and looking for other options of liquidating your used car could help to pay more toward the new car’s purchase price. You can always sell your car to the dealership, but it is important to know how much it will be sold for prior to accepting a deal. Many people look up Kelley Blue Book or Edmunds to find out the worth of their used vehicles. Furthermore, car shopping and research websites like CarGurus make use of algorithms to determine the expected trade-in value of cars based on their factors like its age, mileage, location and features. There are three ways to market your car — and you can do them online, too. Trade in your used vehicle at a dealer even if you don’t intend to purchase from it. You could also get an offer to purchase your vehicle by with this Instant Cash Offer tool on AutoTrader.com A website that allows purchasing and selling new and used vehicles with participating local dealers. Sell it privately to earn cash. Search your make and model online to find price and availability on sites such as eBay as well as Craigslist. Sell your car to a used-car dealer, such as CarMax and Carvana. Request a guaranteed cash value and compare it to what you’ve found on the internet. Bankrate tip: Don’t choose the convenience and trade in your used car at the dealership which is where you’ll likely receive the lowest price for it. Request estimates and use them as leverage in negotiations. 5. Look for local inventory. If there’s a shortage of the car you want at dealer dealerships There’s less chance that you will find a bargain Make sure to look into the local dealerships’ inventory in stock. Contact a variety of dealers and inquire on availability of the vehicle you’re thinking of. However, if you are not able to find dealerships that permit you to fill out an online application, look to private auctions. There are many websites that allow buyers and sellers to connect. You may be able to get an excellent deal without having to go through the dealer entirely. It is also possible to look into shopping with mixed in-person and online dealers like TrueCar. This way, you can effortlessly browse through inventory at the national and local level to ensure your search is broad, especially if would like to purchase a specific used model. Bankrate tip: Look for vehicles with two VINs (vehicle identification number) in the listing and images from the vehicle that is being sold rather than stock photos. 6. Contact local dealerships for price estimates. After your online research is complete Contact dealerships for price quotes via the internet. A lot of dealerships have departments devoted to online sales. Regardless of whether you email the sales department online or fill out an inquiry form on the site of the dealer You should contact an individual who is able to provide you with a quote. “The higher the amount of quotations you have, the more influence you’ll have when it comes to closing your deal” advises Quincy Duncan, the founder of Consumer Reports. “But remember that a lot of dealers are likely to be reluctant to give the best price without some certainty that you’ll buy with them.” Bankrate’s advice Make sure you are as precise as you can regarding the model, make, model and options and then ask several dealers for their most competitive offers. Compare them with the research prices and with the other options to determine the most suitable one. 7. Assess the value of your trade-in and finance When you’ve negotiated a price with a few dealers, you can negotiate the value of the trade-in as well as the financing. Just ask the dealer to make the best price to purchase your vehicle. “Trade-in valuations have skyrocketed in the years 2020 and 2021. Therefore, if someone is considering buying new vehicle and has a used vehicle to trade in, they should always see how much the dealership is willing to give,” says Smith, of CarGurus. The prices continue to rise for used cars, which means you may get an even better bargain in 2022. You can also make mention of AutoTrader.com’s trade-in price at participating dealerships. When you’ve received quotes to trade your vehicle, compare the quotes and decide if you’ll accept a dealer’s trade-in deal, or sell it privately, or take an offer offered by an used-car dealer like CarMax. Don’t forget to ask about financing incentives and rebates. If you’re able to show a preapproval from your lender or bank, you may mention those because it’s like being a cash purchaser- taking financing and the cost of the downpayment out of the equation that profits the dealer. Ask if the dealer can offer you a better deal. Bankrate tip: If you’re eligible for one, look into any additional incentives or rebates before settling the deal. It might seem like more value at first glance but you might pay less in interest with a third-party lender which has lower fees. 8. Negotiate on the internet If none of the initial price quotes that you get fall within the range of the price at fair market and invoice, then you can utilize these two numbers to ask dealers for their best price. “It’s ideal to first ask what’s the dealer’s best offer. You don’t have to share any details of other deals or negotiations you’re involved in with a different dealer unless it’s for your advantage,” DeLorenzo says. “Use those figures to ask if the dealer can beat other offers. If not, remember that you are in control and can take your business elsewhere.” Make sure any price quotes are itemized in an email and remember to ask if any extra charges are not included or withheld. Items such as “customer service fees,” — which are negotiable and are able to be eliminated- can tack thousands on to the total cost. If a dealer offers you a price you are happy with and you want to send the quote to another dealer to get competing bids particularly when you are aware of what the price quotes include. Bankrate tip: Never quote your monthly budget to a salesperson for a car. This will allow the dealer to include all the items they can in the amount you are quoted and still keep your budget in mind. Concentrate on the total cost , and then make use of it to negotiate your vehicle. 9. Drive and sign, you are working with the dealership that has the car you want to purchase and offers you the most favorable bargain. At this stage there is a chance that you will need go to the dealership to sign the bill of sale, sign any financing paperwork and pick up the keys to your car and keys. But many dealerships are also now delivering cars and paperwork directly to your driveway, allowing this final step to be completed at your home. Whichever route you take, look over the final contract carefully. Check all of the numbers and request explanations of any additional charges or any documentation to determine if the fees are legitimate. Schedule your appointment with the mechanic who will check the car over, even if it’s new. Do not finalize any paperwork until you’re certain that your financing and vehicle are the one you’re looking for. Bankrate’s advice: The finance and insurance representatives may try to convince you to buy additional items however, be firm in telling them “no,” and only include something when there’s no other method of obtaining the service or option. The bottom line is that buying a car online — or doing most of the legwork online before visiting a dealer — will save you both time and cash. Check up on current prices, look up the national and local inventory and compare prices for current vehicles to prepare your self for negotiations. Utilizing the wealth of information on the internet to your advantage could alleviate a lot of anxiety associated with purchasing a new car. Learn more
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Written by a contributing writer
Naomi Mannino is a contributing writer at Bankrate. Naomi writes about loans and banking.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances with precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
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