With the new car landscape becoming a buyer-friendly market, many consumers are finally beginning to replace their old vehicles that they’ve been holding on to for longer than expected. But with interest rates still comparatively high, it can be challenging to find the right car for the right price. Here are several tips to help make your next purchase easier.

Getting ready to buy

After you’ve found the vehicle(s) that you are interested in, search the car manufacturer’s website to learn about its features, gas mileage, and any reviews from current or previous owners. Proper research could make or break your interest in a car. Next, make a list of ‘must haves’ and preferred features. Begin searching Kelley Blue Book for the market value of the vehicle(s) that has the features you’d like. Having a clearer picture of what you want will save you time when visiting several dealerships.

Fast Lane Auto Loan Pre-approval

If you plan to buy from a dealership, getting pre-approved for an auto loan before setting foot on the dealer’s lot will minimize your interactions with car salesmen. You’ll be able to search for a vehicle and be ready to make a deal knowing your finances are already in place.

Visiting a dealership or private seller

Dealership

Your first visit to any dealership should be to test drive your vehicle(s) of interest. Be sure to tell the salesperson you are pre-approved for a loan and may consider financing. However, ask for an “out the door” price with a cash offer, as pricing strategies may vary based on additional fees and charges.

Private Seller

It may take more time, but a private sale will help you avoid any fees or warranty sales pitches from a dealership. If your test drive goes well, ask for the vehicle’s maintenance history and schedule to have the car inspected by a mechanic you trust.

Cinfed members can receive one free Carfax report at their nearest branch location before making any car purchase. Just provice the vehicle's identification number (VIN) for the vehicle's service history.

Negotiating a fair price

Before negotiating, determine a set price range you are willing to pay based on your research. You’ll want to focus on parts of the deal that can be changed such as the price and fees (if you choose to buy from a dealer).

Good research, getting pre-approved for an auto loan, and negotiating will all be worth it when you drive away in your new car knowing you’ve closed on a fair and affordable deal that works for you and your budget.