Best Buy On New Cars ((EXCLUSIVE))

Every year we spend thousands of hours driving and researching hundreds of cars, and our Best Buy Awards are the purest distillation of those efforts. Our awards span a wide range of sizes and prices. We give extra weight to financial considerations like expected resale valuable and historical reliability. Our goal, as always, is to make it easy for you to shop like an expert.

best buy on new cars

For 2023, the Kelley Blue Book Best Buy Awards go to the best in categories that encompass nearly the entire range of vehicles that meet virtually all automotive needs. We also recognize the Best New Model for 2023. Our awards are a powerful tool to help you make the right new vehicle choice.

But many Americans make big mistakes buying cars. Take new car purchases with a trade-in. A third of buyers roll over an average of $5,000 in debt from their last car into their new loan. They're paying for a car they don't drive anymore. Ouch! That is not a winning personal finance strategy.

"The single best advice I can give to people is to get preapproved for a car loan from your bank, a credit union or an online lender," says Philip Reed. He's the autos editor at the personal finance site NerdWallet. He also worked undercover at an auto dealership to learn the secrets of the business when he worked for the car-buying site Edmunds.com. So Reed is going to pull back the curtain on the car-buying game.

And shop around for the best rate. "People are being charged more for interest rates than they should be based upon their creditworthiness," says John Van Alst, a lawyer with the National Consumer Law Center.

"Concerning the extended factory warranty, you can always buy it later," says Reed. "So if you're buying a new car, you can buy it in three years from now, just before it goes out of warranty." At that point, if you want the extended warranty, he says, you should call several dealerships and ask for the best price each can offer. That way, he says, you're not rolling the cost into your car loan and paying interest on a service you wouldn't even use for three years because you're still covered by the new car's warranty.

Gap insurance promises to cover any gap between the purchase price of replacing your almost-new car with a brand-new car if your regular insurance doesn't pay for full replacement if your car gets totaled. Van Alst says gap insurance is often overpriced and is fundamentally problematic. If you still want the product, it's best to obtain it through your regular insurance company, not the dealer.

"We're actually living in a golden age of used cars," says Reed. "I mean, the reliability of used cars is remarkable these days." Reed says there is an endless river of cars coming off three-year leases that are in very good shape. And even cars that are older than that, he says, are definitely worth considering. "You know, people are buying good used cars at a hundred-thousand miles and driving them for another hundred-thousand miles," says Reed. "So I'm a big fan of buying a used car as a way to save money."

He acknowledges that which car you buy matters and that it's a good idea to read reviews and ratings about which brands and models are more or less likely to run into costly repair problems down the road. He says some European cars are famously expensive to maintain.

NPR has a personal finance Facebook group called Your Money and Your Life. And we asked group members about car buying. Many said they were shocked by how much money some other people in the group said they were spending on cars. Patricia and Dean Raeker from Minneapolis wrote, "40 years of owning vehicles and our total transportation purchases don't even add up to the cost of one of the financed ones these folks are talking about."

Online car buying sites utilize intelligent search engines to help you compare multiple cars or trucks in your price range. Read our guide to research and discover the best car buying site for you. Plus, learn about what questions to ask before you purchase a car online.

Leading source of information about vehicle history, including accidents, title information, number of owners and service records. Search for used cars by make, model, body type and price range. Free Vehicle History Reports.

Positive CarMax reviews describe good deals and helpful customer service. People seem to like the user-friendly site and the helpful sales staff. However, CarMax reviews sometimes describe long wait times to receive cars after purchase. For more, check out how CarMax stacks up to Vroom and Carvana.

Overall, Autotrader makes it easy to browse new and used cars that are available from dealerships and private sellers. Positive Autotrader reviews frequently mention finding a good price. Some customers have been using Autotrader to buy cars for decades, long before it launched as an online marketplace.

CarsDirect has both new and used cars for sale. The site is able to provide auto financing for those with poor credit, no credit and any other level of credit. Leasing and refinancing are additional options. Because this site works with a high number of diverse dealerships nationwide, a wide range of cars are available to customers.

CarFax is well known for providing comprehensive vehicle history reports that detail all previous damage and ownership history. It works with over 28,000 dealerships nationwide to sell a variety of used cars. You can sign up for alerts on recalls and necessary maintenance reminders to make sure your car is in tip-top shape. The accompanying mobile app receives strong reviews from users.

CarSoup offers both new and used vehicles. Multiple search options and filters make finding the perfect car easier than ever. The site uses referral tools to connect individual sellers to local dealerships. Informative articles and research tools also help consumers broaden their knowledge on all subjects automobile related. Last of all, their accompanying app serves as a helpful resource to search for cars wherever you may be.

Find new and used cars online. 2 million vehicles eligible for home delivery. Use the price comparison tool to see deals. Mobile app offers price alerts and shows recent searches. Online payment calculators and reviews.

Person-to-person marketplace for used cars. Verifies buyer identity, checks vehicle history and guarantees title. Handles all paperwork. Works with multiple lenders, including some with same-day approval. Offers protection plans.

Over 5 million listings. Unbiased ratings based on price and dealer reputation. Buy new, used and certified cars. Financing available. Read expert car reviews and interact on a Q&A forum. Select cars available for delivery.

Lets you shop new and used cars, trucks, classic and exotic automobiles and more. Offers parts, tools and other automotive supplies. Users can make bids or offers and buy online. Vehicle purchase protection guards against fraud.

Lets you search a large selection of new, used and certified cars from dealers and private sellers. Includes photos, videos and reviews. Offers financing, insurance and warranty help. Used by over 14 million shoppers each month.

Collects listings for new and used cars from major car buying websites. Provides cost comparisons, price alerts and CARFAX reports. Use its app to contact dealers and private sellers for quotes and test drives.

Shop for or sell new or used cars online. Free listings to sell to dealers. Assists buyers with no credit or bad credit to find local dealers who can provide financing. Listing stays active until the car sells.

People spend a lot of money on their cars and trucks. In fact, about 16% of the average American's total budget goes to transportation, including vehicle costs and fuel. That makes it the second-biggest expenditure after housing but before incidentals like food, education, and saving for retirement.

If you don't need a tall driving position and rarely travel in deep snow, a traditional car might be a better choice, however. Whether in the form of a sedan, coupe, convertible or station wagon, cars tend to be lighter and have a lower center of gravity than crossovers, which aids efficiency and handling.

The Covid pandemic has muted depreciation, however, and prices for used cars are growing faster than for new. As the price gap narrows, buying new becomes more appealing because the vehicles are in better condition, plus, they have a full warranty and can be financed at a lower rate.

"Paying cash is usually your best option because it limits how much you have to pour into a depreciating asset," said Greg McBride, the chief financial analyst at consumer finance site Bankrate.com. "But don't deplete your emergency fund just to buy the car."

Another option is to use a no-haggle dealership, typified by CarMax, Vroom and Carvana. These companies can charge more than traditional dealerships, but generally score positive reviews from consumers. Each promises stress-free shopping with a non-negotiable price and money back guarantees, plus large and easy-to-search inventories. Each will also deliver a new car right to your door, in most instances. Unlike the others, CarMax also offers physical locations where shoppers can peruse cars.

Under normal circumstances, a car shopper might be advised to wait for the end of the month because that's when many dealers are looking to make quotas and are more likely to negotiate. They might also be told to look for cars that are being discontinued or redesigned because dealers want to get them off the lot.

Prices are at all-time highs and aren't expected to drop until 2023 at the earliest. If you already have a reliable vehicle, or live in an area with decent public transportation, the best decision might be to hold off on a vehicle purchase.

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