Looking for a New Vehicle? Here’s How to Get the Best Bang for Your Buck

June 14, 2023 by Erin

Every year, vehicle owners report about 77,000 vehicle thefts in the United States. If your car gets stolen, you’re probably shopping for a new one, whether it suits your budget or not. If you carry comprehensive insurance, your insurance policy provides a check for your car’s value, so you can shop with ease. If you carry the minimum insurance in any state, you’re paying out of pocket for your new car, truck, or SUV, so you probably need to shop for bargains. Here are some tips to consider!

Shop Last Year’s Models

When the car industry reports that sales of new vehicles topped $1 trillion, they’re reporting both the current model year sales and the sales of previous model year vehicles. Car dealerships sell the previous year’s vehicles right alongside the new year’s models. They don’t want to lose the money sending back cars to the manufacturer causes, so they offer amazing incentives to sell off the old stock first. You can save thousands of dollars this way and still get a car that you can own new!

Shop for Certified Used or Pre-Owned Vehicles

Unlike regular used cars, a certified pre-owned vehicle passed a vehicle check of more than 100 to 150 points to show that it could still meet the criteria of the manufacturer to be sold “like new.” Think of these vehicles as you would the manufacturer-refurbished computers you see for sale in retail computer store chains.

About 7.9% of vehicle owners admit they delayed routine vehicle maintenance, but these cars don’t make it into the certified pre-owned program. Most cars in that category either sat on a manufacturer’s showroom floor, going on test drives with potential owners, or a car rental company used them for a few months, then sold them to make room for new vehicles.

Shop Used Cars

Shopping for a used car doesn’t mean shopping for an old vehicle. Most auto lots that offer used vehicles sell recent model year cars, trucks, and SUVs. They tend to focus on cars that came out in the last 10 years. Shopping for these options lets you save thousands of dollars and obtain vehicles with recent technological innovations, such as 360-degree cameras and driving assistance.

Using this method lets you find a replacement for a vehicle you love that may be another of that vehicle. This option offers an affordable way to replace minivans, a type of car that only two manufacturers make to sell in the U.S. today but that many families still love to drive.

Explore Manufacturer Discounts and Incentives

Check the website of each vehicle manufacturer. Many automakers provide up to $1,000 in incentives towards the purchase of a new vehicle. Some also offer discounts to specific car buyer audiences, such as those in the military or teachers.

Check the EPA Website

The U.S. government offers incentives to help its populace purchase electric automobiles. In some areas of the U.S., combining these incentives with those offered by your state can provide you with up to $10,000 toward the price of a new vehicle. That vehicle must meet the standards of the offer, typically being fully electric. Tax credits also exist regarding electric vehicle purchases, so you can lop off part of your income taxes at the end of the fiscal year.

By doing a little savvy shopping, you can save a lot of money on your next vehicle purchase. Whether you purchase a new, used, or certified pre-owned vehicle, you can save money using incentives, discounts, tax credits, and savvy shopping methods.

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