CHARLOTTE, N.C. — It's no secret that buying a new car right now is expensive. According to Kelley Blue Book, the average cost of a new car is nearly $50,000, which is a record high.
But there may be some good news for prospective buyers in North Carolina. According to a new report from QuoteWizard, North Carolina is the second-cheapest state to buy a new car. To come up with the results, researchers looked at insurance rates, dealership fees, state taxes and gas prices.
A new car owner in North Carolina is estimated to pay $805 a year on insurance, which is among the lowest in the country.
What else can you do to save money on a new car? Here are three tips for spending less on a new car, according to CNBC:
1. Stay within your means
It sounds obvious, but it makes a big difference. Experts say it's crucial to know what you can afford, and with interest rates being high, put down as much money as you can. Also, opting for a shorter loan could give you a better interest rate.
2. Shop around
This applies to both the car and your lender. Experts advise doing your research on both fronts before heading to the dealership and walking the lot.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
3. Be flexible
Don't be too set on the car's features or color. It could help you land a better deal if, for instance, you chose a different entertainment package for your new ride. Experts also recommend choosing a car that's not quite as popular, as demand won't be as high.
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte's Where's The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.