Is Now the Right Time to Buy a Car?
Buying a car is a big financial decision, and timing can make all the difference. Whether you’re considering a new or used vehicle, it’s important to assess both your personal financial situation and broader economic factors before making the leap. So how do you know if now is the right time to buy?
Signs That Now Is a Good Time to Buy a Car
If these factors align, it may be the perfect time to start shopping for your next vehicle:
Your Personal Finances Are Strong
Before making a purchase, ask yourself:
Do I have a steady income?
Is my credit score in good shape? (A higher score can help you secure better loan rates.)
Do I have enough savings for a down payment?
Can I comfortably afford the monthly payment, insurance and maintenance?
If you answered "yes" to these questions, you’re in a great position to buy.
Interest Rates Are Favorable
Auto loan rates can fluctuate based on market conditions and Federal Reserve policies. If rates are lower than usual, you may save thousands over the life of your loan. Check out St. Anne’s Credit Union’s competitive financing options to see what a monthly payment might look like right now.
You Need a Reliable Vehicle
If your current car is becoming a money pit due to frequent repairs, low fuel efficiency or safety concerns, upgrading to a newer, more reliable model might save you more in the long run.
You Can Take Advantage of Dealer Incentives
Many dealerships offer seasonal promotions, rebates or trade-in bonuses that could lower your overall cost. Shopping at the right time—such as the end of a model year—can also mean better deals.
When It’s Not the Right Time to Buy a Car
On the other hand, there are times when it’s wise to pause your car search and reassess your situation.
Your Finances Are Unstable
If you’re between jobs, carrying high debt or struggling to keep up with monthly expenses, taking on a car loan might not be the best move. Consider waiting until you’re on firmer financial footing if possible.
Interest Rates Are Too High
If market conditions have driven up auto loan rates, it may be worth holding off until rates stabilize or improve.
You're Buying on Impulse
A car is a major investment, so if you’re feeling pressure to buy due to temporary emotions or flashy promotions, take a step back and reassess your true needs.
Find the Right Car at the Right Time
Whether now is the right time for you or you’re still weighing your options, St. Anne’s Credit Union is here to help. Our Online Car Shopping Tool makes it easy to:
Browse inventory from trusted local dealerships
Compare prices and financing options
Apply for an auto loan online with competitive rates … all in one convenient place!
Ready to explore your options? Try our Online Car Shopping Tool to find the right car at the right price—all with the support of your local credit union.