![]() ![]() “Walking into a dealership with your financing set up gives you a big leg up in the negotiations,” Fisher says.Įxtended-warranty programs generally aren’t worth the money: On average, it costs less to pay for repairs out of pocket than to buy a plan that you might never use. If the dealership can’t beat the offer, you can be confident that you secured a good loan rate. Be Smart About Financingĭetermine a budget, looking at both the monthly and overall costs, and get a preapproved offer from your bank or credit union before you go to the dealership. You’re likely to find better availability-and maybe even a deal-on less popular models, such as sedans, hatchbacks, minivans, and front-wheel-drive SUVs. “You’ll be able to maintain the level of features and comfort you’re used to and might have to give up if you bought another car at today’s elevated prices.”Īs always in recent years, SUVs and pickup trucks are very popular, which means there will be fewer of them that current owners will want to part with. “Buying the car you’ve been leasing could be your best bet in the current market,” Fisher says. If the buyout price for your car was set before the pandemic, it’s likely to be far lower than the car is currently worth on the open market. “But don’t rush so fast that you overlook important details and end up with a purchase you regret.”Īlmost all lease contracts come with a buyout clause, so consider buying the car you’re leasing when the term ends. “Deals might disappear fast, so you may need to move quickly,” Fisher says. Be prepared to act, because sellers aren’t likely to hold on to cars very long in this market. If you’re willing to buy from an individual rather than a business, you can find listings on Craigslist and Facebook Marketplace. Look at websites like the CR Used Car Marketplace and Vroom. “Paying a higher-than-normal price now could mean that the car will depreciate faster as time passes.” Weigh All of Your Options “Try not to get stuck with something that’s going to be worth less than the amount you owe on the loan in a few years,” Fisher says. In today’s highly unusual market, you may need to consider an older model than you normally would to meet your budget goals. Many of these are just coming off lease and have been well-maintained. For that reason, you’re likely to find better values in cars that are 3 to 5 years old. “But having a trusted mechanic inspect any used car you’re considering buying is a good way to ensure that it will be both safe and reliable in the future.”ĭue to the current market, cars that are only a year or two old will not have depreciated much, and may even cost the same as they did when they were new. ![]() “Because cars are selling so quickly, it might be difficult to get a seller to agree to a mechanical inspection,” says John Ibbotson, CR’s chief mechanic. But remember, every pre-owned car has its own history of use-and sometimes abuse-so it’s always a good idea to have any used vehicle you’re considering inspected by a trusted mechanic before buying it. ![]() Narrow your field down to models that stand out for reliability in CR’s surveys. “We think it is worth the extra effort to ensure your next car has these key safety features,” Fisher says. Among those features, Consumer Reports highly recommends AEB with pedestrian detection and blind spot warning. That means used cars are more readily available with features ranging from automatic emergency braking (AEB) to adaptive cruise control. In recent years, a growing number of new cars have included advanced safety and driver assistance technology as an option, if not standard equipment.
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