How to Buy a Car in a Tough Market


Buying a car can be a stressful and frustrating process that can take hours, and sometimes days. After the pandemic exposed the challenges within the auto industry with factors such as microchip shortages and lack of inventory, in 2023 the rise of interest rates is causing more issues for current and would-be car buyers. If you are in the market for a new car, there are ways to find success in this challenging market.

Know your budget

One of the easiest ways to get tripped up when purchasing a new or used vehicle is getting stuck with a monthly price that is more than what your budget will allow. As prices rise for both new and used cars, it’s important to know that what you see on a dealer’s website is not the final price. Taxes and fees will increase the overall price of the car. Using a car calculator is one of the best ways to ensure that you can narrow down the type of car you can afford by the price you are able to pay every month.

Get preapproved

A newer way for consumers to remove the hassle at dealerships has been the rise in car loan preapprovals. You can take matters into your own hands well before you reach the dealership by already being preapproved for a loan amount and monthly payment. That way, you’re armed with the information you need to be able to make the right purchase for you. And if a dealership wants to make you a better offer than the one you have, then you can explore it or stick with what you have.

Insure your investment

If you have a car, or will be buying one in the near future, you won’t be able to get very far without having auto insurance. With these tips to make car buying in this market hassle-free, it would all be for nothing if you didn’t have the requisite insurance to ensure that your new investment is covered the minute you drive it off of the lot. Getting the right coverage is important as every state has different requirements to be considered fully insured under state law. Talk to a Westwood agent today or get a quote right now online. 

Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.