HOUSTON - Are you looking to do some car shopping? New and used car prices are still stuck in high gear amid the ongoing chip shortage.
Here are some tips to save money:
Consider an older used car. Some dealerships, such as Honda and Acura, are expanding the age of used cars they’ll certify from five years to ten.
The Honda True Used and Acura Precision Used certifications give vehicles up to ten years old a 112 point inspection and provide a 100-day or 5000-mile bumper-to-bumper warranty, a year of roadside assistance, and a 3-day or 300-mile return policy.
If you lease a vehicle, you may want to consider buying out the lease if the residual value is less than the current price for the same car.
Residual values are the value set for the vehicle at the end of the lease. But Edmunds.com says 2019 leased cars are worth an average of $7,200 more now due to the chip and supply shortage.
Some people are even buying out the lease, then selling the car for profit.
More tips to save money:
- Pre-order a new vehicle. You may get incentives over buying off the lot.
- Get offers for your trade-in from online buyers, like CarMax or Carvana - use those offers to negotiate the best price at a dealership for your trade-in.
- And pre-qualify for your auto loan through your bank or credit union to get the lowest rate.