Looking to buy a new car or truck? Check out these money-saving tips

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Looking to make car purchases? New and used car prices are still stuck in high gear amid the current chip shortage.

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Here are some money-saving tips:

Take an old used car. Some dealerships, such as Honda and Acura, increase the age of the used cars they certify from five to ten years.

Honda True Used and Acura Precision Used certifications give vehicles up to ten years old a 112-point inspection and offer a 100-day or 5,000-mile bumper-to-bumper warranty, one year of roadside assistance and a warranty of 3 days or 300 – Miles return policy.

If you are leasing a vehicle, you may want to consider buying out the lease if the residual value is lower than the current price of the same car.

Residual values ​​are the value set for the vehicle at the end of the lease. But Edmunds.com says cars leased in 2019 are worth an average of $7,200 more now due to chip and supply shortages.

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Some people even buy out the lease and then resell the car for a profit.

More money-saving tips:

  • Pre-order a new vehicle. You can get incentives on buying the lot.
  • Get offers for your trade-in from online buyers, like CarMax or Carvana – use these offers to negotiate the best price at a dealership for your trade-in.
  • And pre-qualify for your car loan with your bank or credit union to get the lowest rate.

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