Edmunds analysts say these price increases could also be another nail in the coffin of the sedan market, as the price gap between SUVs and cars has narrowed considerably since on some of the most popular vehicles. Edmunds consumer advice editors say car shoppers who find themselves faced with these higher costs do have options, but they need to keep an open mind.
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This kind of deal could be enough to offset the price increase a shopper could be facing by staying with the same make and model. Checking for equity: Car shoppers who leased an SUV may be pleasantly surprised to find out their vehicle is actually worth more than the residual value set at the start of the lease.
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Car shoppers can see if their vehicle has equity by looking online for its value and comparing it to the residual buyout amount. Interest rates on loans for new vehicles hit an average of 6. Used-car shoppers face an even higher rate, with an average of 8.
The Federal Reserve is expected to raise interest rates again this month. Many shoppers will be tempted to take out a longer-term loan to ease the pain of a higher monthly payment brought on by these interest rates. But this is a double whammy for your budget: You will be paying more in finance charges over the life of the loan, and it will take longer to gain equity in the vehicle.
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But you are not doomed to pay the maximum rates. This tip applies to loans for both new and used cars. Getting a preapproval for a loan at your bank, credit union or online lender gives you a frame of reference for the financing that a dealership offers you.
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The majority of automakers offer special finance rates to qualified buyers. While many of the zero percent offers that were common in the past have disappeared, some are still out there, such as a current offer for the Nissan Rogue. Even if you end up with a 2. Be open to exploring various vehicle brands, too. A brand that you might not have considered originally may offer better rates.
Buying a used vehicle is typically a good option for shoppers. You avoid the big depreciation hit that comes with new cars, and you usually finance a smaller amount of money.
Better to Lease or Buy
But with interest rates averaging 8. Here is where certified pre-owned CPO vehicles come in. Though CPO cars cost more than run-of-the-mill used cars, some CPO deals offer manufacturer-subsidized interest rates ranging from zero to 4 percent, depending on the vehicle and automaker.
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