Buying a new car in 2022: here’s how to save money in an inflated market

Inflation is hitting everyone hard, especially people looking for a new car. Here are some tips to try to help car buyers save money.

Like everything else these days, car prices are skyrocketing.

The median price of a new car last month was just over $47,000, the second highest ever.

That is more than 13% from a year ago.

“Now is not a good time to buy a new car,” said Ben Preston of Consumer Reports.

But what if you need to buy a new car? The experts have some tips to help you find a good deal.

Find out exactly what you want first, and then come up with some alternatives.

Certain brands may cost less than other brands for the same type of car.

“You may find some cars that are similar to what you were originally looking for that may be less sought after and more widely available,” Preston said.

Because demand for new cars is high, buyers have been paying well above the sticker price lately.

MORE: Minnesota gas station owner puts up sign for his customers: ‘We hate our gas prices too’

But choosing a different type of vehicle can save you money.

“If you’re going to buy a big truck or a big SUV, those are popular. So, you’re going to pay for that.” said Brian Moody, executive editor of Kelley Blue Book. “If you want a deal, look for the types of vehicles that people aren’t buying as much, like sedans and hatchbacks.”

Make sure you have financing when you shop by getting pre-approved for a loan.

Definitely check car shopping apps and local dealership websites to see what’s available.

Consider expanding your search to areas further from your home to find more available cars.

And if you find a car you like, don’t hesitate.

“Because in this market, it’s very much a seller’s market and everything that’s available sells out quickly,” Preston said. “So when you buy your car, you have to be ready to go.”

Copyright © 2022 KABC Television, LLC. All rights reserved.

Leave a comment

Stay up to date

Register now to get updates on promotions and coupons

Shopping cart

×