Rising interest rates and inflation may have you reconsidering your options regarding purchasing a new or used car.
You could have the option to buy out your leased car at a lower cost than what the car is actually worth. Although rare, it provides some options you may not have otherwise. For instance, you could buy out the lease and then sell the car privately, thus giving yourself some extra cash to put towards a new car. Consult your dealership to learn more about your options.
New Cars Are Hard to Come By, And Deals On Used Cars May Be Hard to Find
Your Checklist For Buying New and Used
- Get your finances in order
- Decide if you want a monthly payment
- Get pre-approved for an auto loan.
- Shop for the best interest rate
Make Your Wish List
This is all going to depend on your lifestyle. Do you have a big family? You may want to refrain from buying that two-seater. Ask yourself these questions before making your purchase.
- What’s more important: space, comfort, or sport utility?
- How many seats do you need? Is it just you and one or two passengers or do you have a large family?
- How many miles do you plan to drive annually?
- Do you haul anything i.e. a boat or a camper? If you do, how much weight do you typically haul?
- Do you need a vehicle that has all-wheel-drive for snowy or icy weather conditions or will a two-wheel drive car fit your needs?
- How much are you willing to spend for gas? Do you want a more fuel efficient vehicle?
- If you are considering an electric or hybrid model vehicle, do you have a way to charge the car or do you have charging stations nearby?
Do Your Research
- Go online and look up dealership websites in your area in order to find out what inventory to readily available.
- Review Kelley Blue Book values and CARFAX reports
- Call us at 301-948-2010 if you have questions about what kind of car would cost more or less to insure, depending on your particular budget.