Now is the time to buy a new car. According to an analysis by the loan comparison portal Smava, the prices for new cars are currently 3.2 percent below the level before the start of the Corona crisis. Used cars are even 4.8 percent cheaper than in January or February. However, prices have increased again since August: “Not only vehicle prices, but also the interest rates on car loans are currently low. Car loans currently cost an average of 4.4 percent less than before Corona, ”says Smava Managing Director Alexander Artopé. However, the interest rate differences between different loan offers are up to 53.5 percent. “Anyone who foregoes a meaningful loan comparison with such large interest rate differentials risks paying unnecessarily high amounts,” says Artopé. This applies in particular to loans brokered through car dealers, because the buyer usually only receives two or three offers. This increases the risk of not getting the cheapest offer. In Germany, 77 percent of all private new cars and 42 percent of all used vehicles are at least partially financed through loans, says Smava.
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