What to Consider Before Buying a Car This Holiday Season

posted in: Auto Loans, Financial Tips 0

When purchasing a new car, rising prices can feel like an added complication. Between 2021 and 2022, car prices have increased almost 20%what to consider before buying a car year-over-year. Just as importantly, used-car prices are 48% higher than in 2020. Between these climbing prices and holiday expenses, understanding what to consider before buying a car this holiday season can be important. 

Fortunately, when you work with a respected Montebello credit union like Camino, you receive local, attentive support to responsibly finance a new or used vehicle to carry you into the new year. Here are crucial considerations when buying a car during the holidays:

What to Consider Before Buying A Car During the Holidays

Act Fast

Being ready to act quickly when it comes to what to consider before buying a car can be helpful. During the holiday season, dealerships and carmakers flush out old inventory to prepare for the new year, making this a great opportunity. Still, don’t feel pressured to buy just to capitalize on a holiday deal. Purchasing a car can be a, long-term commitment. 

Do Your Research

Since acting quickly is  important when determining what to consider before buying a car, preparation is key. Always do your research. 

Since you want to make a deal quickly, equip yourself with all the information you need to make the right decision and understand the car’s value. Read reviews on new and used models and research what others have paid for models you are interested in.

Research should also include, determining your budget, obtaining pre-approval, and looking into other potential options.  . 

Shop Around

Shopping around can also be important when wondering what to consider before buying a car during the holidays. 

Especially in a place like Montebello, there are dealerships to consider. It can be helpful to ask for a second opinion before buying a vehicle. 

Check several car dealerships, compare prices and deals, and look for promotions to ensure you are getting the most out of your money. 

It’s The Most Wonderful Time of the Year (to Buy a Car)

When determining what to consider before buying a car, the time of year matters, and December can offer great deals to amplify your holiday cheer. 

Traditionally, the end of December can be  when automakers offer great deals and sales incentives, like cash rebates or zero-percent financing. Just as importantly, this is also when dealerships are more likely to provide discounts on sticker prices.

Automakers and dealerships want to get rid of prior model-year cars taking up space on their lot and usually want to end the year with strong sales. Both reasons are why capitalizing on year-end sales events can be a great way to get a vehicle at a bargain price. 

Call Camino for Auto Loans that Put You Back in the Driver’s Seat of Your Finances

Now that you know what to consider before buying a car, the next step is to secure financing. Fortunately, when you work with a reputable credit union in Montebello like Camino, you receive a range of financing options with fast and local decision-making, competitive rates, and flexible terms.To learn more about our financing options to make this holiday season truly memorable, visit us at caminofcu.org, call us at 800-835-3400 to speak with a Member Advisor, or contact us for more information.