There’s nothing like the shining paint, high-tech features, and fresh smell that comes with a new car. We also know buying a car is an important decision — and one of the biggest investments someone will make in their lifetime. Whether you’re looking to buy your first car or your fifth, AllSouth’s local team of lending experts is here to help make the process as smooth as possible.
Have questions? They have answers. Here’s what Centralized Lending Manager Tracy C. has to say about some of the most common car buying concerns.
Q: Is now a good time to buy a car?
A: While the limited car inventory has changed the market considerably, it depends on whether you’re buying new or used and the type of car you’re interested in purchasing. Car dealerships have adjusted to low inventory levels by offering higher prices for trade-ins and prices they pay at auction for a used car.
As a result, the sales price of used cars has increased significantly over the past year. If you have the time to shop around and potentially order a car, now may be a better time to purchase a new car versus a used car.
Q: How do I know how much I can afford?
A: Before you start shopping for a new car, you’ll want to take a realistic look at your finances. Start by creating a budget to determine how much you can afford to spend each month on a new car. Most financial experts recommend allocating up to 20% of your budget for all car expenses.
From whether your credit score really matters to deciding to buy or lease, here are seven more answers to car-buying FAQs .*