Buying a car? Here are some tips to save money.
Summary
Car prices in the U.S. are rising due to inflation and consumers buying bigger vehicles. The average new car costs nearly $50,000, and many buyers are taking longer loans to afford monthly payments around $773.Key Facts
- The average new car price in March was nearly $50,000, up 3.5% from last year.
- New car prices have increased 30% since 2019.
- The average used car cost $25,390 in March.
- Inflation reached 3.8% in April, pushing costs higher.
- Bigger vehicles are more popular and cost more than smaller cars.
- Average auto loan interest rates are about 7%.
- One in four buyers finance their car for seven years to lower monthly payments.
- Experts advise not to spend more than half a car's value on repairs.
- Leasing a car means you don't own it, while buying means ownership after loan payments end.
- Shoppers should research online, compare dealerships, and be ready to walk away to get better deals.
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