{"id":36239,"date":"2022-01-28T11:17:49","date_gmt":"2022-01-28T17:17:49","guid":{"rendered":"https:\/\/santanderconsumerusa.com\/?p=36239"},"modified":"2022-01-28T11:17:49","modified_gmt":"2022-01-28T17:17:49","slug":"7-things-to-know-about-buying-a-car-in-2022","status":"publish","type":"post","link":"https:\/\/santanderconsumerusa.com\/blog\/7-things-to-know-about-buying-a-car-in-2022","title":{"rendered":"7 things to know about buying a car in 2022"},"content":{"rendered":"

<\/p>\n

If you\u2019re in the market for a new (or new to you) car in 2022, the typical strategies to getting a bargain may not be a sure bet. Many people have gotten used to the higher price tag on new and used vehicles — brought on over the past two years by the pandemic, supply chain issues, chip shortages and other factors — and simply cannot put off a purchase any longer.<\/p>\n

\u201cThis year we expect to see production levels return to historical levels, but it will take time to see things return to a ‘normal’ that most of us are accustomed to,\u201d says TrueCar\u2019s Lead Industry Analyst Nick Woolard. \u201cWhile the broader economy has witnessed inflation recently, vehicle pricing has outpaced what we see in other areas of the economy.\u201d<\/p>\n

If you want to be successful in purchasing a car this year<\/a>, you\u2019re going to have to be ready to act wisely \u2013 and fast. \u201cThe car market has become like the housing market in that consumers have to act quickly if they see their desired vehicle for sale,\u201d says iSeeCars\u2019 Communications Manager Julie Blackley.<\/p>\n

With that in mind, experts say despite fewer cars on dealer lots, there are things prospective car buyers can do to drive away happy.<\/p>\n

Get a reality check<\/h2>\n

Shopping for a car in 2022 is not like it was years ago when you could test drive a vehicle, go home and think about the purchase and inevitably get a follow-up call from a dealer and then haggle on the price.<\/p>\n

\u201cThe first thing is to recognize what the market is like nowadays. The deal you got the last time you bought a car is not likely to happen now,\u201d says Edmunds’ Senior Consumer Advice Editor Ron Montoya. \u201cYou have people now who are paying sticker price if not more. You have to recalibrate your expectations on what the deal will look like.\u201d<\/p>\n

Research cars online first<\/h2>\n

What is a fair price for your desired vehicle? One way to find out is by spending some quality time with Google. \u201cOnline tools have never been more powerful to aid in consumer car searches,\u201d says Woolard. \u201cPrices for new vehicles, used vehicles and trade-ins were volatile last year and sometimes resulted in dramatic changes from month to month. In an environment like this it helps to do as much as you can from the comfort of your home.\u201d<\/p>\n

There are, however, pitfalls to online car searches. With cars quickly selling, some dealerships may struggle to keep their inventory up to date on their websites. \u201cCars are selling even before they are on the lot,\u201d says Montoya. \u201cYou do want to conduct your search online, then you want to call in to verify it\u2019s there, then go in and see it in person so you can test drive it.\u201d Furthermore, Montoya suggests that when you call to confirm a vehicle is still available, ask if other features like tinted windows have been added on \u2013 this could result in the price edging upwards.<\/p>\n

Be flexible<\/h2>\n

With inventory light, it\u2019s prudent to come up with a list of must-haves. Be as flexible as possible when it comes to everything from manufacturer to color and trim options. In this kind of market, being brand loyal<\/a> could end up costing you. You may be just as happy with a similar make and model as your ideal car that doesn\u2019t stretch your budget as much.<\/p>\n

Historically, cars that stay on car lots are ripe for bargaining. While such finds aren\u2019t as plentiful, they do exist. \u201cEven in today\u2019s competitive market, there are cars that linger on dealer lots,\u201d notes Blackley. \u201cThese tend to be vehicles that aren\u2019t the most popular in their segments, or they could be outgoing model year vehicles for models that are getting redesigned.\u201d<\/p>\n

Montoya concurs, noting price-conscious customers may be able to save money by choosing certain manufacturers. \u201cKorean manufactures Hyundai and Kia have been able to manage their inventory of chips better, so their inventory hasn\u2019t been impacted as much,\u201d he says.<\/p>\n

It\u2019s also wise to cast your search wide in terms of location. Looking beyond your ZIP code \u2013 even crossing state lines \u2013 may be what it takes to find your next vehicle. This level of flexibility may result in finding more cars with your desired features and the ability to compare prices.<\/p>\n

Consider ordering a new car<\/h2>\n

If you don\u2019t want to scour the internet or drive all over the place in search of your next vehicle, you may want to consider ordering your car. \u201cMany automakers allow you to order directly from the factory, which allows you to get a car built exactly the way you want it,\u201d says Blackley. \u201cYou will also avoid dealer markups, and some manufacturers are even offering discounts for those who build to order.\u201d<\/p>\n

This \u201csecret menu of car buying\u201d is a sound option for those with patience. Montoya notes while order times vary, buyers can expect to wait six to eight weeks to get the keys to their vehicle if they go this route.<\/p>\n

Don\u2019t think used cars are the best bargain<\/h2>\n

Purchasing a car that has been on the road for many years may offer the lowest price tag, but it\u2019s important to be mindful of the vehicle\u2019s overall condition. Older vehicles with high mileage may have incurred a lot of wear and tear. Sources like Carfax<\/a> and Autocheck<\/a> can help you glean insight into a vehicle\u2019s past.<\/p>\n

Historically buying a used, but fairly new vehicle made for a deal. Not so much these days. \u201cBuying a lightly-used car used to provide significant savings over purchasing new. However, the price gap between new and used cars has narrowed. If you were considering purchasing a one- to three-year-old used car, compare the price to the new model,\u201d suggests Blackley. \u201cDealers also offer better financing options for new cars, so purchasing a new car might be a smarter financial decision.\u201d<\/p>\n

Make rising used car prices work in your favor<\/h2>\n

In today\u2019s tight market, you\u2019d be surprised how much your used car may be worth. With many people put off by the high prices of new vehicles, a larger group of shoppers are gravitating toward used options that fit into their budget. This scenario makes your trade in<\/a> desirable.<\/p>\n

\u201cYou don\u2019t have to trade your car in at the same dealership where you\u2019re purchasing a new one. It\u2019s best to shop around to see who will give you the best rate,\u201d says Blackley. \u201cThis includes local dealers, national retailers like CarMax, and online retailers like Carvana. You can also use other offers to leverage a better price for your vehicle.\u201d<\/p>\n

Leasing has also been affected by the volatile market. If you are coming off a lease, buying the vehicle may be the best decision, suggests Montoya, assuming you signed on the dotted line before the pandemic-fueled vehicle shortage. \u201cThe deals are not as great as they were before,\u201d he says. \u201cEven if you were looking into leasing again, it would be more expensive than in the past.\u201d<\/p>\n

Bargain for what you can get<\/h2>\n

While you may not walk away from the showroom floor with thousands of dollars slashed off the price tag, that doesn\u2019t mean there aren\u2019t a few perks to be had. \u201cMany dealers and manufacturers remain focused on long-term profitability which means not only are they looking to sell a vehicle today, but they also want to create a customer for life,\u201d says Woolard. \u201cComplimentary service programs such as free oil changes help bridge the gap between a long purchase cycle.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re in the market for a new (or new to you) car in 2022, the typical strategies to getting a bargain may not be a sure bet. Many people have gotten used to the higher price tag on new…<\/p>\n","protected":false},"author":59,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[267],"tags":[],"class_list":["post-36239","post","type-post","status-publish","format-standard","hentry","category-car-shopping"],"yoast_head":"\n7 things to know about buying a car in 2022 - Â鶹ֱ²¥ Consumer USA<\/title>\n<meta name=\"description\" content=\"Buying a car in 2022 will be different than in the past. 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