Searching for a new car post-pandemic can feel like hunting for buried treasure. Unfortunately, it may not be as simple as “X” marks the spot.
For many people, navigating global supply chain shortages in the auto market that resulted from the COVID-19 pandemic can be overwhelming. With a little effort, a new or used vehicle could still be possible—if you know some of the tips and tricks to buying a car during a shortage.
The waiting game
Cars are being sold faster than ever—just days after arriving at dealerships. If you have your heart set on your dream car, you may be waiting longer than expected.
That may mean using alternative modes of transportation while you wait or opting for a less popular vehicle that is in stock at the dealership. You may find a vehicle you can get in your driveway a little faster and for a better price.
Expect to pay more
Before the pandemic, a negotiation was part of the process. Now, you likely will not pay less than the sticker price you see on the window.
Dealerships are much less willing to drop the prices because the demand is so high. To get a better deal, you can ask to get things like free oil changes for a year thrown in to finalize your purchase. Anything helps, right?
Look far and wide
Finding the car that you want is one thing but finding it where you want it is another. Due to shortages, buying a new vehicle at your local dealership may be more difficult than you think.
Be prepared to travel off the beaten path. Set aside ample time to search at dealerships outside of your immediate vicinity. You never know, you may even find a better deal than you thought possible.
Get your finances in order
With prices higher than usual, budgeting for a new vehicle has never been more important. Taking the time to save money and improve your credit, can help improve your chances to qualify for a low-interest rate.
Once you have decided the time to buy is right, consider getting preapproved for an auto loan before you visit the dealership. That way, you will know exactly what you can afford.
Making sure you have devised a good plan to pay off your auto loan can go a long way to help destress your life. You’ve got this!
The search pays off
The path to your new dream car likely isn’t a straight line. But once the search is over—and you have budgeted for the payments—it’s time to enjoy the fruits of your labor.
Whatever your situation, just remember there are still deals to be had—they just may not be as easy to find!