Buying a Car in Today’s Market

If you’re in the market for a new car, the process can feel overwhelming. Between fluctuating prices, financing options, and endless model choices, it’s important to approach the purchase strategically. Taking the time to clearly define your needs, secure financing, and conduct thorough research will help you make an informed choice and save money in the long run.  

Define Your Needs and Budget

Before you even start shopping for that car, think about what you really need.What type of vehicle will best fit your lifestyle—sedan, SUV, truck, or hybrid? Think about size, cargo space, fuel efficiency, safety features, and any extras that matter to you, like advanced driver assistance or all-wheel drive. Take the time to determine how much you can afford for the down payment, monthly payments, and total purchase price.

Early in the process, be sure to check your credit score. Your credit history will influence the interest rate you receive. A higher score can mean lower payments over the life of the loan. Town & Country’s online credit score tool can help you monitor your credit score right from online banking.

Secure Financing Before You Shop

Securing pre-approval from a credit union or bank before visiting dealerships or shopping online can give you an edge. It shows sellers you’re serious and lets you shop with a firm budget in mind. Take the time to compare loan interest rates, terms, and fees from multiple lenders. Even a small difference in rates can save you hundreds over the life of the loan. You can check out Town & Country’s auto loan rates here.

If you are trading in your current car, it is important to know your trade-in value. There are plenty of online valuation tools to get an estimate before heading to the dealer.

Research Your Options

Today, there are many options for buying a new car, so it is more important than ever to do your homework.Read expert and consumer reviews, compare safety ratings, and look at average market prices for the models you’re considering. Check online reviews, Better Business Bureau ratings, and ask friends or family for dealership recommendations. A reputable seller can make the buying process smooth and more transparent. You will want to test drive more than one vehicle and pay attention to comfort, visibility, handling, and technology. If you are buying a used car, it is a good idea to get a pre-purchase inspection before you finalize the deal to avoid any hidden repair costs.

Factor in Ongoing Costs

Buying the car is just the beginning. Be sure to account for: maintenance costs like regular oil changes, tire rotations, and eventual repairs; fuel expenses consideringthe vehicle’s gas mileage and your driving habits; plus taxes and fees including registration, title fees, and sales tax. All these expenses can add a significant amount to your total cost.

Another cost to consider is insurance. Rates vary widely by vehicle type and driver profile, so be sure to get insurance quotes before finalizing your purchase.

Negotiate and Finalize the Deal

Once you find the right car, don’t hesitate to negotiate to get the right price, financing terms, or add-ons. If you’re unsure about a deal, walk away. Auto sellers will often try to upsell you for extended warranties, paint protection, and other add-ons. Study the options carefully before adding the extras, as they may not be worth the added cost.

Shop with Confidence

Buying a car today requires more than just picking a model you like. It’s about balancing your needs with your budget, being informed about financing options, researching both the vehicle and the seller, and negotiating smartly. When you factor in ongoing costs like maintenance, insurance, and fuel, you can avoid financial surprises and enjoy your new ride with confidence.

Town & Country is here to help with any of your auto financing questions. Reach out to a credit union representative by emailing us at info@tcfcu.com, calling 800-649-3495 or book a consultation here.