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Planning on buying a new car? Here are some tips

Planning on buying a new car? Here are some tips
Planning on buying a new car? Here are some tips 02:05

BALTIMORE -- You may be planning to cash your tax return to get a new set of wheels. But is it worth buying a used or a new car in this current market?

According to Bankrate, Baltimore is one of the top 10 most affordable cities for buying used cars.

But an expert with Kelley Blue Book said there are some other factors to remember before you drive away in your new ride.

Bankrate ranked Baltimore in ninth place for used car affordability with the average cost being $23,386 for a used car.

That's $3,905 less than the nationwide average, Bankrate said.

The monthly average is about $445 but Executive Editor of Kelley Blue Book Brian Moody said this is not the number to focus on.

"You can buy a Ferrari for $400 a month but then how many months are you paying for that car?" Moody said.

The good news is the current price of a brand new car is down by 5.5% since December of 2022, according to Moody.

But interest rates are high.

Moody said if you turn to a used car to save some extra money, do some research and determine what incentives you can get.

"There may be one car that has zero percent or 1.9 percent financing, or there may be other cars that are similar to it that are at just the going rate, which can [range up to] 10 percent," he said.

For months, WJZ told you about the uptick in Kia and Hyundai thefts because of a social media trend. The car manufacturers then had to offer a software upgrade for these cars.

Moody said there is a big takeaway from this that car buyers can use.

Before buying a used car, Moody said to pay attention to the standard equipment it had when the car was new.

"What if the LX of whatever brand we are talking about, doesn't have head airbags," he said. "Doesn't have a standard backup camera. Doesn't have the theft immobilizer. Those are all things you have to look into. It's great to get an inexpensive car but make sure you are not doing it at the cost of inconvenience to you."

Moody advises you to avoid purchasing minivans, luxury SUVs and pickup trucks as they are always in high demand.

Rather, look into purchasing a sedan or a hatchback from your local car dealership to save some extra dollars.

Before buying a car, also ask your insurance ahead of time how it would be impacted if you get the car you are eyeballing.
If you are worried about gas prices, consider a hybrid car. Moody said many affordable hybrids can travel nearly 60 miles a gallon.

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