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Navigating Essential Purchases During Uncertain Times
Why thoughtful planning matters when life can’t wait
Navigating Essential Purchases During Uncertain Times
Why thoughtful planning matters when life can’t wait
In an ideal world, we’d wait to make big purchases when market conditions are just right. But life doesn’t always cooperate. Your car breaks down. Your child heads to college. You need to relocate for a new job. Even when interest rates are high or prices are volatile, essential purchases can’t always wait. That’s why navigating big financial decisions, especially during uncertain times, requires thoughtful planning, flexibility, and a clear understanding of your options.
Start with a strong financial foundation
Before making any large purchase, revisit your budget. Understand what you truly need versus what can wait. Prioritize essential expenses and revisit your emergency savings. Building a financial cushion gives you more confidence when moving forward with a purchase, even when the economy is unpredictable.
Time the market, but don’t let it stop you
If you’re already planning a major purchase, such as a car, buying sooner rather than later may help you avoid potential price hikes. In fact, according to S&P Global, U.S. car sales forecasts are being downgraded due to tariffs, indicating higher prices and lower inventory may be on the horizon. If you’re in the market for a vehicle, delaying too long could limit your options or cost more in the long run.
Macatawa Bank Consumer Lending Team Lead, Dawn Schreur, encourages shoppers to do their homework: “Check the value of any vehicle using sites like J.D. Power. And if you’re buying outside a dealership, always verify the title status using the VIN number. A paper title in hand is a good sign; an electronic title could mean there’s still a lien on the vehicle.”
Compare your financing options
Rates and loan terms can vary widely. Before heading to the dealership — or applying for a loan elsewhere — shop around and consider getting pre-approved. This strengthens your negotiating position and gives you a clear idea of what you can afford. Schreur adds, “Don’t be afraid to negotiate both the vehicle price and the loan. Understanding the market value and being ready to walk away gives you leverage.”
And if a home equity line of credit (HELOC) is an option, it may offer flexibility for essential expenses beyond a new car, like student costs or emergency home repairs. “A HELOC can serve as a backup fund,” Schreur notes. “You don’t have to borrow right away. You pay a small annual fee and draw from it only when needed.”
Flexibility is key
Economic shifts and rising prices can make it challenging to stick to your original plans. Being open to different models, features, or even certified used options can help you find a better value. Focus on function over luxury, and make sure your purchase aligns with your financial goals.
Essential doesn’t mean impulsive
Even when the need is immediate, a major purchase should never be rushed. With careful planning, smart research, and sound financial advice, you can make informed decisions — no matter what the market is doing. After all, you may not get to choose the timing, but you can control the strategy.
The key is to embrace a resilient mindset. Take a proactive approach to budgeting, spending, and saving while staying informed about market trends and potential economic changes. If you’d like to talk about potential loan options or savings strategies that best suit your needs, stop by your local Wintrust Community Banks branch to speak with a banker.
Ready to expand your financial options? See how a HELOC can help.
