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How to Buy a Car—with Help from Vantage—in Today’s Market

According to Kelley Blue Book, the average cost of a new vehicle at the end of 2021 was up more than 25% in two years, exceeding $47,000. Used cars saw an even steeper rise, going up 42% over the same two-year-span. Where does that leave consumers wanting to purchase a vehicle in this competitive market? It’s important to factor budget and needs, in addition to looks and horsepower, when you’re considering your next vehicle purchase.

Determine Your Budget
How much of your budget should you allocate toward a vehicle purchase? Typically, vehicle costs and fuel account for 20% of your annual budget. To get an idea of how much car you can afford, use an online calculator. Having an idea of what you want to, or should, spend on a vehicle can help provide some direction as you begin your search.

Assess Your Needs
Some basic information on needs versus wants can help narrow your choices as well. Think about how you’ll use your vehicle. How many passengers do you typically have? How long is your commute? Do you need off-road or towing capabilities? Do you have access to charging stations for an electric vehicle? Making a list of your actual needs can provide some practical search parameters.

Secure Financing
It’s a smart decision to have your financing secured when you’re ready to shop. Vantage offers vehicle loans with a number of term options at competitive rates for our members. Vantage auto loans come with the added benefits of no penalties for early payoff and simple interest calculated only on the outstanding principal balance.

Don’t let a competitive market keep you from the vehicle you need!

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