What to Consider Before Buying a New Car

Buying a new car is no small task! Not only is it an exciting investment, but it’s an investment that you will utilize on almost a daily basis. However, since the pandemic began in March 2020, hopeful car buyers have been running into a few challenges. Buying a car in 2022 is an entirely different ballgame than it used to be in pre-pandemic times. Not only is there a global semiconductor shortage that has negatively affected automobile production, but inventory is at record lows industry-wide.

2022 will be unlike any other year when it comes to buying cars, but RMLEFCU has a few pointers that will help you get your dream car at the best price regardless of the circumstances.

Set Up A Budget

Start by deciding if you’d like to pay cash, take out a loan, or lease your new car. Whatever method you choose, make sure to also keep in mind that sales tax, registration, and insurance are all expenses you’ll have to consider and budget for once you settle on the car you love.

Most people opt for leasing a vehicle or taking out a car loan. We’d recommend getting preapproved for a car loan, as it simplifies the buying process and puts you in a stronger position to negotiate at the dealership.

Research, Research, Research

Choosing the makes and models of vehicles you’d like to purchase is an exciting but extremely important step. Make sure to consider reliability and ownership costs when putting together your wish list. While some cars can be cheap to buy, they could cost you more in the long run when it comes to insurance, maintenance, repairs, and depreciation.

When it comes to locating your car, it’s important to note that nearly all dealerships list their inventory online.


While winter has always been the car-buying season since dealers are scrambling to make room for next year’s inventory, this year will be a bit different. Although early 2022 should be an optimal time to cash in on deep discounts on the remaining 2021 models, the deals aren’t the best. In most cases, you’re better off going with the 2022 model instead. Consumer Reports recently profiled ten 2021 models that are currently selling below their sticker prices, but virtually all of them are expensive luxury vehicles. We know it seems counterintuitive, but it’s just a new truth—2022 models are going to be your best bet if you’re looking to save some dough.

Get Dealer Quotes

Requesting dealer quotes by email can take the stress out of negotiating. You can ask for a price quote by emailing the dealership through their website. Or, to save time, use a third-party site such as Truecar.com to request quotes from multiple dealerships simultaneously. Compare the seller’s asking price to the average market price you determined through the pricing guides. Chances are, the seller is asking more than the market average.

If you’re negotiating in person, there are a few things you should know:

Don’t be a monthly payment buyer. If you have a preapproved loan, you’re a cash buyer and you should negotiate the price of the car, not the size of the monthly payment.

There’s nothing wrong with asking for clarification. Make sure to ask the dealer to walk you through the entire process, writing down important numbers as you go for clarification purposes. Make sure you know if you’re discussing the “out-the-door” price, which includes all taxes and fees—or just the sale price of the car.

Be sure to ask about fees before agreeing to any deal. Asking for a breakdown of all fees associated with buying the vehicle is a great way to avoid paying any unnecessary fees.

Get an Incredible Loan for Your New Ride

With these tips under your belt, we’re positive you’ll settle on a sweet new ride that you and your wallet will absolutely love. If you are interested in applying for a new auto loan (or even refinancing your loan from another institution), RMLEFCU can offer you an incredibly low rate.

It really is that easy! Apply here to get started.

If you have any questions, please do not hesitate to call us at 303.458.6660.