New car sales have been hot since the pandemic started, and 2022 was no exception. Over 13.7 million cars were sold in the US in 2022. Inventory shortages resulted in reduced sales, but they also resulted in more frustration for consumers.
How long does it take to buy a new car in today's market? As it turns out, buying a car looks a bit different these days. Read on to learn everything you need to know.
Prepping to Buy a New Car
Before you hit the dealership, whether in person or online, you have to prepare yourself. The first thing you want to know is your credit situation, how much you can put down, and how much you can afford as your monthly payment. Interest rates have gone up over the past few years, so many banks are offering longer finance terms to make payments more affordable.
Next, you want to know what kind of car you want. Some cars have been notoriously difficult to get since the pandemic started. For this reason, you may have to be ready to hit the dealership at a moment's notice if your dream car hits the lot.
Buying a New Car at a Dealership
The traditional place to find cars for sale is at a brick-and-mortar location like the VW dealership in Corona, CA. The amount of time you spend at the dealership depends on how you plan on paying for the car. Paying for the car in cash is the fastest since you don't have to worry about getting approved for financing.
People with excellent credit have faster buying experiences than those who have issues with their credit. Buyers with poor credit have to go through several banks in order to get approved. Finally, if you head into the dealership without a solid idea of which car you'd like to buy, then it'll take longer because you have to check out all of the inventory.
Overall, plan on spending two to four or more hours in person when you buy a car.
How Long Does It Take to Buy a New Car Online?
Buying a car online helps speed up the car-buying process. Many online dealerships pre-approve you for a certain amount, and they give you an estimate for your trade-in. This is a relatively quick process because there's no back and forth.
The only caveat is that you have to either wait for the car to be delivered to you or you have to go to the lot to pick it up. For many people, this is worth the saved time sitting in a dealership. Expect delivery of your new car to take up to a week, depending on where it's currently located.
Loved These Car Buying Tips?
If you've been looking for cars for sale for a while, then you're probably wondering, “How long does it take to buy a new car in today's auto market?” The answer depends on whether you're shopping at a traditional dealership or online, and whether you're looking for used vs. new cars. Regardless, if you need a new car, then you won't regret coming to the table prepared!
Owning a car comes with a lot of responsibilities. You're bound to have questions from time to time. Check out the rest of our blog for tons of great tips that'll make car ownership less stressful!