Reality of Buying a Vehicle in this Market; How to Prepare
June 30, 2022
Whether you are a seasoned car buyer or new to the process, it can be an overwhelming experience. In this state of the market, manufacturing has slowed down on their production rates and it has been more difficult than ever to find your dream ride, or even finding one that hasn’t sky-rocketed in price. Across the country we have seen shortages of cars, and even some common household items such as toilet paper.
Before you begin your search, develop a plan of action for what you want; new or used; buying or leasing; and what your financing options look like. Having a plan in mind will make your search easier so you can stay within a specific budget and simplify your process.
Here are some tips to help you along with your car buying process.
Get pre-approved for a vehicle loan at a financial. You can do your loan payments through the dealership, but you might be able to get a lower monthly rate through a financial. When banking through a financial, they can sit you down and figure out what a comfortable monthly payment for you is, length of loan, and how much you’ll need. Unison Credit Union offers competitive rates on auto loans, check them out here!
See what vehicles are within your area. If you are interested in buying new, not all dealerships near you will have the exact make/models you are looking for. Before racing over to the dealership, do some research on their website to see what they have. To follow this up….
Make sure you call to verify the vehicle you want is still available. Sometimes the dealerships will sell a vehicle and forget to take it off their website or tell you it’s available when really its not. The car buying market is hot right now, so being prepared for anything will help you a great deal.
Do your research. Buying a vehicle is a big financial decision and it’s important to know what you’re getting before you buy. Newer models come with more bells and whistles, but it’ll come at a cost. Do your research and see what features are most important to you. With having more features, that specific make/model might not be on the lot and could take months to get. If you need the vehicle soon, try to plan ahead.
Buy what works best for your lifestyle. There are plenty of vehicle options out there for everyone but knowing what works best for your lifestyle is a key component. Whether you commute to work and need a vehicle with great gas milage, or if you have 4 kids and need an extra row for seating.
Nothing local? Expand your search. If you can’t find anything you love within your area, expand your search to surrounding cities to see availability. If you are looking to test drive the vehicle, make sure you have time to travel, as vehicles are selling quickly.
Regardless of how your car buying journey goes, enjoy it! Getting a new ride is always an exciting feeling in the end, especially that first drive off the lot.
Are you in the market for a new vehicle? Unison is here to help make your car buying process simple! Message one of our knowledgeable member advisors today to start the process.