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Buying a Car in 2021

The market has been tough this year for those searching for a new or used car. With low dealer inventory, prices are getting higher and higher as a result of rising consumer demand. A global microchip shortage, which is essential to the modern car, hasn’t helped speed along the production of new automobiles.

Although finding the perfect car right now can seem challenging, there are still plenty of ways to get behind the wheel of your new ride.

Visiting a lot and purchasing directly from the dealer is the traditional way to buy a car, but there are so many more options now. Dealers seem to have been hit the hardest by lower than normal inventory and spiking demand. According to Edmunds, used cars are more desirable to customers who either can’t find what they are looking for or want a cheaper option. With lower inventory and spiking demand, dealers have little incentive to offer discounts on any of their cars.

Shopping for cars online is a popular choice, especially now. Most credit unions incorporate car buying services with their memberships, which is an obvious perk. But if you want concierge service, you must go through a site like Carvana. And while the door-to-door service sounds appealing, it could actually cost quite a bit more with their fees. According to The Balance, concierge services typically charge an upfront fee, as well as a percentage of the savings they find. These extra fees could cost you up to an additional $1,000. Still, investing a little more might be worth the money if it cuts out the hassle of physically going to a dealership to negotiate.

No matter how you buy your new or used car this year, set reasonable expectations for the market we are currently in, keep an open mind, and exercise patience during your search.

Rates Quick View

Loan Rates (% As Low As)
APR*
Auto 2.75%
Boats 2.75%
Motorcycles 2.75%
Personal Loans 9.00%
Share Secured 4.00%
Certificate Rates (% As High As)
APY*
6 months 0.50%
12 months 0.70%
18 months 0.70%
24 months 0.80%
36 months 0.90%
48 months 1.00%
60 months 1.10%

View All Rates

*APR = Annual Percentage Rate
*APY = Annual Percentage Yield
Rates are subject to change without notice

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