Costs Keep Rising: How to Be Able to Afford a Car Regardless
Many of us are discovering that buying a car isn’t what it used to be. With inflation hitting the auto market hard, both new and used car prices have climbed to eye-watering levels.
When you add the impact of rising interest rates and higher insurance premiums, you could be forgiven for thinking that affording a car today can feel out of your reach, especially if you have limited savings or less-than-perfect credit profile.
Don’t despair, there’s good news, even in tough market conditions, there are still practical ways to make car ownership possible. Searching options like bad credit car dealerships Salt Lake City, for instance, can bridge the affordability gap and make car ownership an attainable ambition.
Here’s some great tips to help you get the deal done and drive away with a car that you can afford.
Work out your finances
You need to know where you stand before you get started. This means working out a realistic budget.
It’s important to know exactly what you can afford each month. That means not just the monthly payment, but the total cost of ownership, including taxes, insurance, fuel, and maintenance.
Don’t make the mistake of shopping based on monthly payments alone, which can stretch your finances thin. Try to estimate total ownership costs and stick to what’s realistic for your income.
Buying used helps your money go further
The bottom line is that buying a well-maintained used vehicle can offer significant savings without sacrificing reliability.
Many dealerships include warranties and thorough inspections on their cars. This gives you peace of mind without the scary price tag of a new car. Also, if your credit isn’t great, don’t panic. Bad credit car dealerships exist specifically to work with buyers who have lower credit scores or financial setbacks. These dealerships often have in-house financing options that are more flexible than traditional lenders. This option offers a viable pathway to vehicle ownership and a chance to rebuild your credit, provided you keep up with the payments.
Make the most of your old car
Trade-ins can also be a smart way to offset costs. Even older vehicles with high mileage can reduce the amount you need to finance. If you have an existing vehicle that isn’t used anymore or you want to upgrade it, trading it in or selling it outright can help with a down payment.
This option can also help lower your loan amount and keep your monthly payments as low as possible.
Finding the perfect buying opportunity
Another great tip would be to carefully consider your timing and approach. For instance, shopping during slower months or at the end of a dealership’s quarter can give you an edge when negotiating.
As you can see, rising prices should not be a barrier to car ownership. With the right preparation, a flexible mindset, and by exploring options like used vehicles and bad credit dealerships, you can definitely find a car that fits your needs and your budget.
These are really helpful and practical tips. I agree with you that buying a secondhand car can be a good option. Just make sure to bring your trusted mechanic to help you check. In fact, we are lucky enough to get a well-maintained used car at a good price last year. So, yes — there are good secondhand cars available in the market.
This post really hits home. My husband and I have been meaning to get a car for a while now but it just seems so far reaching, thanks to the prices. These tips you have shared have given me some relief. Thank you
This was really useful! Car prices are no joke right now, and I liked how you kept it real with tips that actually make sense. The bit about shopping at the end of the month or quarter? Genius. Definitely keeping that in mind!
The breakdown on considering certified pre-owned cars was helpful hadn’t really looked into that before. Thanks for the insight!!
Buying a car these days is almost impossible with the high costs. But sometimes, we just have to be creative and secure all types of ways to buy a car, not just the usual ones, without breaking the bank.
Buying a car these days is almost impossible with the high costs. But sometimes, we just have to be creative and secure all types of ways to buy a car, not just the usual ones, without breaking the bank.
Cars have felt almost impossible to get, especially over the last few years. This post offers a helpful perspective and at least gives me hope that there are still some options out there.
These are all great tips in getting a car even if you are on a budget. Handling your finances well will really make things possible to get.
I completely agree with buying a used car. You can find some really good ones at a much reduced price just because they have a few hundred miles on the clock. It’s definitely the way to go!
Since we’re saving up for a trip abroad, I resonate with your take on making the most of our old cars. A trade-in sounds like the ideal way to do something for the environment and save money, especially if the credit needs fixing. I for sure would be interested in a flexible in-house financing option if the dealership included warranties and covered the inspection costs of both cars. The one I’m trading in and wanting to upgrade.
Oh my goodness! Everything is super expensive nowadays but I agree that you can make your money work further by buying used or taking care of the one you have. We have a 2002 vehicle and I love it to death. It’s such an amazing car but truth is, maintenance has been key to keeping it pretty happy and going.
Maureen | http://www.littlemisscasual.com
Excellent and very true advice! Working out your finances for a new car while also taking care of the car you have and maintaining regular upkeep are key things to keep in mind.
This is all such great advice! I personally want to make my car last as long as it possibly can, and continue to take good care of it always.
The way things are going with these tariffs, I believe I’ll be buying used from now on. Hopefully, I don’t have to switch to a horse. LOL.
LMBO BEN!
I’m a big fan of buying used cars. We like to purchase a car that’s just a year or two old. That way, you get almost all the technology with a much smaller price tag.
Great info! I came across this article just in time as we are considering another car. You tip on not shopping on monthly payments alone gives me something to think about.
You are correct in pointing out rising interest rates and higher insurance premiums – feels like a universal thing. Thanks for this article!