How to save money when shopping for a car and other important considerations

TL;DR

Gas prices are rising due to the Iran war.
New car prices averaged nearly $50,000 in March, a 3.5% increase from March 2025 and a 30% increase from 2019.
Used car prices averaged $25,390 in March.
High inflation (3.8% in April) and consumer preference for larger, more expensive vehicles contribute to rising car costs.
Average auto loan interest rates are at 7%, leading some consumers to extend loan terms to 84 months.
The average monthly payment for a new vehicle in Q1 2026 reached $773, excluding insurance.
When repairing older cars, avoid spending more than half of the car's value on repairs.
Leasing means you don't own the vehicle at the end of the term, unlike buying a car with a loan.
Effective negotiation tactics include researching online, considering multiple brands and dealerships, and being willing to walk away from a deal.

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