Buying a New Car? Here’s What You Need to Know

It goes without saying that buying a car is a significant investment. In 2022, if there’s one thing that you can count on, it’s that you’ll be paying the sticker price—or more. Most likely, you’ll be paying more.

At RMLEFCU, our theme of the year is financial wellness, and we want to make sure that even with soaring car prices, you still have the tools and knowledge you need to make the best choices for your financial situation.

Here are our biggest tips for buying a new car in 2022.

In pre-pandemic times, you’d be able to rely on classic tactics like waiting for big incentives tied to major holidays or walking away from a salesperson’s offer knowing that they’ll call back later with a more affordable price. Unfortunately, no matter how skilled of a negotiator you are, it’s basically impossible to secure a sweet deal comparable to before the pandemic. Old strategies to securing the best price just don’t hold up anymore.

Until the global semiconductor shortage is under control, be prepared to act fast when you find a car you want. In other words, it’s important to have your finances in order with a down payment at the ready.

If you’re planning on taking out a loan so you can afford your new car, make sure that you’re not paying more than you have to. When you’re an RMLEFCU member, there’s one thing that you can count on: whether you’re applying for a mortgage loan or an auto loan, you’ll be enjoying some of the lowest rates on the market.

In fact, when you buy a new or used car—or refinance your loan from another institution—you can enjoy a rate as low as 3.00% APR*. Plus, you won’t have to worry about making your payments for the first 90 days.

In pre-pandemic times, winter was always the best season to buy a car because dealers were trying to make room for next year’s inventory by slashing prices on current-year models. This is not the case in 2022. Due to the low supply of automobiles, dealers simply aren’t making those price cuts. Thus, in most cases, you will do best with going with the 2022 model car instead of the 2021 model. 

Don’t let rising auto prices and a global semiconductor shortage get in the way of you buying the vehicle that you need and deserve. At RMLEFCU, you can enjoy competitive rates, flexible repayment terms, and an easy and efficient application process. From our 90 Day No Pay Special to our Second Chance Auto Loan, our array of auto loan options are bound to fit your situation. Stop by one of our three branches or give us a call at (303) 458-6660 to learn more.

*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rate subject to change.