{"id":89955,"date":"2024-10-10T13:33:57","date_gmt":"2024-10-10T17:33:57","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=89955"},"modified":"2024-10-10T13:33:58","modified_gmt":"2024-10-10T17:33:58","slug":"car-buying-guide","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/financing-your-car\/car-buying-guide\/","title":{"rendered":"Buying a Car: 7 Important Things to Consider"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\">\n\t\t\t\t\t\t\t<span>Credit and Debt<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Buying a Car: 7 Important Things to Consider<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Jacob Henriksen-Willis<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"As his wife stands next to him, a man crouches beside a white car at a dealership, inspecting the front of the car while speaking to a dealer.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg 2121w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/10\/iStock-1210355637.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Buying a Car: 7 Important Things to Consider &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/financing-your-car\/car-buying-guide\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/financing-your-car\/car-buying-guide\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published October 10, 2024 \u2022 11 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>In today&#8217;s car market, buyers are often overwhelmed by surging prices, vehicle features and preferences and whether to buy a new or used vehicle.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The good news is there are a handful of tips to consider when searching for your new car \u2014 from setting your car budget to deciding on the right make and model.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider these 7 important factors as you navigate today&#8217;s car market.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>A lot happens between the moment you decide to buy a new car \u2014 and making the actual purchase. With so many options and factors affecting your decision, doing your homework is an essential part of the process.<\/p>\n\n\n\n<p>Whether you\u2019re a first-time buyer or looking to upgrade your existing vehicle,&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/finding-the-right-car\/the-top-3-considerations-when-youre-choosing-a-car\/\" data-dig-id=\"LP-89955-2262e617\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"some research and preparation\" class=\"rbc-link-format\">some research and preparation<\/a>&nbsp;on the front end can ensure that you\u2019re driving away in the best car for your financial budget and personal needs. Here are seven tips to consider when choosing a vehicle.&nbsp;<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Your budget<\/h2>\n\n\n\n<p>Before you begin car shopping, you should understand your budget and the price range of the cars you&#8217;re interested in. As you consider the cost of buying a car, there\u2019s the purchase price, of course. But other expenses also come into play. For example, you want to think about fuel costs, changes in your insurance costs, maintenance, your down payment, and the trade-in value of your current vehicle. You&#8217;ll also want to determine what size of&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/car-loans\/payment-calculator\" data-dig-id=\"LP-89955-24892021\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"monthly payment fits with your budget&nbsp;\" class=\"rbc-link-format\">monthly payment fits with your budget&nbsp;<\/a>if you plan to finance your new vehicle.<\/p>\n\n\n\n<p>All of these factors impact the overall cost of owning your car. For instance, you might opt for an electric vehicle that is more expensive to purchase but provides savings on fuel over the years you own it. That\u2019s a consideration that might change your mind about the initial expense. Or you may opt to buy a car with the money you have saved and avoid a car payment, which may mean looking at less expensive or used vehicles.<\/p>\n\n\n\n<p>There are multiple roads to take; evaluate your options to see what makes the most sense with&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/financing-your-car\/tips-for-finding-the-best-deal-on-your-new-vehicle\/\" data-dig-id=\"LP-89955-c16c7284\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"your budget\" class=\"rbc-link-format\">your budget<\/a>&nbsp;and bigger financial picture. If you&#8217;re in the market for a loan, take the time to research different lenders and compare interest rates and loan terms. You may find it helpful to get&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/my-auto-affordability#!\/main\/welcome\" data-dig-id=\"LP-89955-4d2d9c70\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"pre-qualified\" class=\"rbc-link-format\">pre-qualified<\/a>&nbsp;before you start car shopping.<\/p>\n\n\n\n<p>When pre-qualifying, a bank reviews your financial situation and provides an estimate of the loan size they could give you. It\u2019s important to note that pre-qualification doesn\u2019t guarantee you\u2019ll receive the loan. But it can help you create a budget and plan for the financial aspect of the car-buying process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Your needs and lifestyle<\/h2>\n\n\n\n<p>Once you\u2019ve determined your budget, you can evaluate what cars fit your needs and lifestyle. Reviewing your needs and why you drive can help you narrow down your options. For instance,&nbsp;think about the following:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your work commute:<\/strong>&nbsp;Do you have a long commute to work, or do you have to drive lengthy distances regularly? If so, you may want to prioritize a car that offers higher gas mileage. The same goes for features that make driving more comfortable and convenient like leather seats, cup holders and even GPS and internet-enabled screens.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Number of passengers:<\/strong>&nbsp;Is your car carrying mostly you, or do you have a big family? Are the children still little or headed into their teen years? The answers to these questions will inform the vehicle size and whether it\u2019s an SUV with a third-row, a mini-van or a sporty hatchback.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Weather conditions:<\/strong>&nbsp;In Canada, where you get snow and ice in winter, an all-wheel drive and high clearance is likely a must-have. For sunnier, drier climates, a sunroof or convertible might be a fun option.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The items you transport:<\/strong>&nbsp;In addition to knowing the number of people, consider what you move around regularly. Will you use this vehicle for work-related activities, such as hauling equipment or tools? Do you transport bikes, skis, surfboards, or hockey equipment? A car that\u2019s suited for a bike rack or a truck with a bed might give you additional functionality.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Safety features:<\/strong>&nbsp;For some drivers, safety features trump other features, especially if they\u2019re driving with small children or in high-traffic areas. Explore consumer reports and other vehicle rating sites to evaluate the safety features of cars and trucks you\u2019re considering.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Interest in electric vehicles:<\/strong>&nbsp;There is a growing selection of hybrid and electric vehicles available for drivers interested in reducing their carbon footprint and saving money on fuel costs. Consider whether an electric vehicle fits with your needs and goals for your next car.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3.&nbsp;Type of car<\/h2>\n\n\n\n<p>As you prepare to buy a car, you might consider more than one type. Different kinds of vehicles will work for different lifestyles and needs. For example, consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Sedan:<\/strong>&nbsp;Ideal for individuals or small families who want a comfortable, efficient daily&nbsp;driver with trunk&nbsp;space for their gear.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>SUV:<\/strong>&nbsp;Provides a lot of versatility, making it a good choice for families, outdoor enthusiasts, and anyone who wants extra cargo space, and often, four-wheel or all-wheel drive.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Hatchback:&nbsp;<\/strong>These combine the functionality of a sedan with added cargo space, making them a good option for city dwellers or small families who want a little more room.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Minivan\/van:<\/strong>&nbsp;The secret weapon of big families, vans provide extensive seating capacity, cargo space and are designed to create a comfortable ride for a lot of people.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Truck:&nbsp;<\/strong>Functional vehicles designed mainly for towing, hauling cargo, and going off-road.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Luxury vehicles:<\/strong>&nbsp;These may fit into many of the other categories above, but they uniformly offer premium materials, advanced technology and superior comfort an an elevated price tag.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">4. The size of the car<\/h2>\n\n\n\n<p>Of course, passenger numbers will impact the size of the car you end up buying. But there are other size-related factors to contemplate as well. For instance, you may need to measure your garage or parking space to ensure your new vehicle can easily fit. If you\u2019re looking for a second or third row, be sure to measure for that space, as well. Or better yet, have the passengers that will sit there go for a test drive. Some of those extra rows can be a tight fit for adults.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Must-have features<\/h2>\n\n\n\n<p>The can\u2019t-live-without features vary by individual, but they are an important factor in deciding which car to buy. For example, some drivers may love driver assistance perks such as parking assist or cruise control. Others might require heated seats for cold mornings, climate control in different car sections or all-wheel drive that gets them through snow-covered streets without stress.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Fuel efficiency<\/h2>\n\n\n\n<p>There have never been more options for fuel-efficient vehicles. That\u2019s great news for drivers who want to minimize their carbon footprint or save on gas costs. If you\u2019re&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/finding-the-right-car\/diesel-electric-gas-or-hybrid-choosing-the-engine-for-you\/\" data-dig-id=\"LP-89955-1c61cdaf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"looking for fuel efficiency\" class=\"rbc-link-format\">looking for fuel efficiency<\/a>, consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Hybrid cars:<\/strong>&nbsp;A combination of a traditional gas engine with an electric motor and battery,&nbsp; hybrids improve fuel efficiency and reduce emissions compared to traditional gas-powered vehicles. Hybrid cars can operate on gasoline, electricity or a combination of the two, and drivers can switch between the fuel sources to maximize their efficiency.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Electric vehicles (EVs):<\/strong>&nbsp;Powered by electric motors and rechargeable batteries, EVs produce no emissions and rely only on electricity. These vehicles need to be plugged into a charging station to recharge their batteries, and the battery capacity determines the driving range.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Fuel-efficient gas cars:<\/strong>&nbsp;Fuel-efficient gas cars are often designed to maximize fuel efficiency and may feature lightweight materials, regenerative braking or advanced engine technologies.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">7.&nbsp;New versus a used car<\/h2>\n\n\n\n<p>There are a lot of differences between&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/finding-the-right-car\/buying-your-next-vehicle-new-or-used\/\" data-dig-id=\"LP-89955-fc0eb96d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"buying a new or used car\" class=\"rbc-link-format\">buying a new or used car<\/a>, and each has its advantages and considerations. For example, used cars are often less expensive than brand-new. The average price of a used car&nbsp;<a href=\"https:\/\/www.autotrader.ca\/editorial\/20240419\/autotrader-price-index-march-2024\/\" target=\"_blank\" data-dig-id=\"LP-89955-2cb9d5b0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"in March 2024 in Canada\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">in March 2024 in Canada<\/a>&nbsp;was $37,662 compared to&nbsp;$66,422 for a new car. However, new cars often provide better warranties and features that make them worthwhile.&nbsp;<\/p>\n\n\n\n<p>Consider the following factors to determine whether a new or used car works for you:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Insurance costs:<\/strong>&nbsp;These are typically lower for used cars than new cars; however, insurance rates do vary by model, year, geography and an individual driver&#8217;s history.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reliability:<\/strong>&nbsp;A&nbsp;brand-new car should provide a high level of reliability&nbsp;and a warranty if anything breaks or needs addressing. Used cars can be a bit more of a gamble, depending on how well they were maintained prior to your ownership.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Depreciation:<\/strong>&nbsp;New cars depreciate quite quickly. If you plan to resell your car soon, buying a used car may ensure you don\u2019t lose as much on the transaction.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Customization:<\/strong>&nbsp;With new cars, you often have the ability to pick features and trim options that fit your needs and lifestyle. With a used car, those are already in place, and you get what\u2019s there.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Financing options:<\/strong>&nbsp;New cars often offer better financing options and rates than used cars.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">You picked out your car \u2014 what\u2019s next?<\/h2>\n\n\n\n<p>Armed with research about the best car options for your lifestyle and budget, you can begin&nbsp;shopping for a vehicle&nbsp;that meets your wants, needs, and financial capabilities. At this point in the process, you should strive to:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Do the next set of research<\/h3>\n\n\n\n<p>Look at various models of vehicles and compare prices. Read consumer reviews and car websites so you can compare prices. In addition, you may explore different years of the same make and model and investigate options offered online versus at the dealership in your town. You can also use&nbsp;<a href=\"https:\/\/www.kbb.ca\/\" target=\"_blank\" data-dig-id=\"LP-89955-209fe82d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Kelley Blue Book Canada\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Kelley Blue Book Canada<\/a>&nbsp;to provide a starting point for pricing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pre-qualify for a car loan<\/h3>\n\n\n\n<p>By&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/my-auto-affordability#!\/main\/welcome\" data-dig-id=\"LP-89955-cda07538\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"pre-qualifying&nbsp;for a car loan\" class=\"rbc-link-format\">pre-qualifying&nbsp;for a car loan<\/a>, you can get an estimate on the loan size or value you could qualify for. Pre-qualifying doesn\u2019t guarantee you\u2019ll receive the loan. Knowing this information will help you to plan your budget and research for best vehicle options that fit your budget. &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Test drive your top choices<\/h3>\n\n\n\n<p>Getting behind the wheel is one of the most important\u2014and fun\u2014parts of buying a car. Test driving lets you get a first-hand sense of how the car drives and whether it fits your style. It will also let you know whether the car you love on paper makes sense in real life.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Dig into the vehicle\u2019s history<\/h3>\n\n\n\n<p>If you\u2019re buying a used car, review a copy of the vehicle\u2019s CARFAX Canada report before you finalize the deal. The report will describe any vehicle damage, safety issues and other information, such as title problems. If you\u2019re in Alberta, Ontario or the Atlantic provinces, you can also check a vehicle\u2019s history on&nbsp;<a href=\"https:\/\/www.ibc.ca\/industry-resources\/insurance-data-tools\/vin-verify\" target=\"_blank\" data-dig-id=\"LP-89955-519014a4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"VIN Verify\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">VIN Verify<\/a>. The latter shows if the car has been deemed non-repairable. These reports can help you avoid fraud, give you peace of mind that the car is in good shape, or spur you to negotiate the price.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Explore your financing options<\/h3>\n\n\n\n<p>Research what financing options are available to you, including current interest rates and loan terms. You&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/car-loans\/payment-calculator\" data-dig-id=\"LP-89955-ca8cc746\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"can use this car loan payment calculator\" class=\"rbc-link-format\">can use this car loan payment calculator<\/a>&nbsp;to determine how different interest rates, repayment periods, and payment frequency impact your monthly payment. Evaluate each of those factors to assess how different loans fit into your budget. Also, you can ask car dealerships to work with your preferred lender, ensuring you partner with a bank of your choice and one that meets your needs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Search for discounts<\/h3>\n\n\n\n<p>Car prices can fluctuate based on sales, specials and your negotiation skills. Look for \u201cemployee discounts,\u201d which dealers offer buyers the same price they give to employees (this doesn\u2019t apply to every car on the lot, so check to see if it applies to the vehicle you want) There may also be discounts on tires, service, trim packages and more.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The end of the (car buying) road<\/h2>\n\n\n\n<p>Buying a car requires careful consideration. However, if you\u2019re armed with the right information, the journey is enjoyable and worthwhile. Remember to evaluate your budget and needs, dive into different car types, and consider whether a new or used vehicle makes sense for you. By keeping these seven factors in mind, you\u2019ll speed through the decision process and end up in the best vehicle for your needs.<\/p>\n\n\n\n<p>Are you looking to buy a new car? Before you visit a dealership, try these tools first:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Prequalify for an auto loan. Use our&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/my-auto-affordability#!\/main\/welcome\" data-dig-id=\"LP-89955-733171d3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"prequalification tool\" class=\"rbc-link-format\">prequalification tool<\/a>&nbsp;to find out how much of a loan you could qualify for before you visit a car dealership.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Estimate your monthly loan payments. Use the&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/car-loans\/payment-calculator\" data-dig-id=\"LP-89955-26cf3c7e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC car loan calculator\" class=\"rbc-link-format\">RBC car loan calculator<\/a>&nbsp;to determine what payments work with your needs and budget.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-8615d1c3-00f4-477a-aafb-2d2fb80cebff\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Buying a Car: 7 Important Things to Consider &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/financing-your-car\/car-buying-guide\/\">\n        <img decoding=\"async\" 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id-b132fb9a-f6ce-46ad-b297-549f14a13b0a\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_172567265_RESPvsRRSP.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Parents happily celebrating childs graduation while knowing they have been able to balance RESP and RRSP contributions.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_172567265_RESPvsRRSP.jpg 3900w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_172567265_RESPvsRRSP.jpg?resize=300,200 300w, 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Canada Interest Rate Explained and How It Shapes Your Mortgage<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Middle-aged couple walking dog while reflecting on retirement savings and future financial security; image representing retirement readiness planning\" 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\/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/\">\n\t\t\t\t\t\tPlanning for Retirement\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/behind-on-retirement-savings-what-to-do-now\/\" class=\"card-title h4 mar-t-0\">Behind on retirement savings? What to do now.<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-8615d1c3-00f4-477a-aafb-2d2fb80cebff {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-8615d1c3-00f4-477a-aafb-2d2fb80cebff {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-b132fb9a-f6ce-46ad-b297-549f14a13b0a {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-b132fb9a-f6ce-46ad-b297-549f14a13b0a {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p> When buying a new car, there are key factors every shopper should consider. From vehicle size to fuel efficiency, here&#8217;s a car buyer&#8217;s guide to finding the right vehicle. <\/p>\n","protected":false},"author":80,"featured_media":89956,"parent":57289,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[510],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[278],"rbc_difficulty_level":[33],"rbc_mmm_category":[307,342,303],"class_list":["post-89955","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-credit-and-debt","rbc_content_type-article","rbc_lob_group-auto-finance","rbc_difficulty_level-beginner","rbc_mmm_category-buying-a-vehicle","rbc_mmm_category-financing-your-car","rbc_mmm_category-goals-aspirations"],"acf":{"contently_publication_id":"359157","custom_author":"Jacob Henriksen-Willis","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"When buying a new car, there are key factors every shopper should consider. From vehicle size to fuel efficiency, here&#039;s a car buyer&#039;s guide to finding the right vehicle.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-vehicle\/financing-your-car\/car-buying-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"When buying a new car, there are key factors every shopper should consider. 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