GREENSBORO, N.C. — Buying or leasing a car right now can feel overwhelming. Prices remain high, interest rates haven’t come down much, and more families are struggling to keep up with car payments. That makes staying on budget more important than ever. Consumer Reports says a little preparation and patience can go a long way in protecting your finances.
New car prices are averaging around $50,000, and interest rates are hovering near 7 percent. According to Gustavo Flores-Macias, dean of the School of Public Policy at the University of Maryland, tariffs are playing a role in driving prices higher, making vehicles harder for many consumers to afford. With those pressures in mind, Consumer Reports urges shoppers to go into the process informed and cautious.
Consumer Reports closely tracks the auto market and buys 40 to 50 new vehicles each year for testing. That firsthand experience shows that the sticker price is often just the beginning. CR auto expert Keith Barry warns shoppers to watch closely for add-ons, extras, and fees that can quietly increase the final cost by hundreds or even thousands of dollars…