Best Car Loans and Lenders for August 2022

Best Car Loans and Lenders for August 2022

Finding the best rates and terms on a car loan can help you save hundreds or even thousands in interest. With interest rates rising and the cost of car insurance premiums increasing, it's important to shop around with different lenders to find the most affordable car loan for your new or used car.

An auto loan is a secured installment loan, which means the vehicle you purchase acts as collateral and can be subject to repossession if you fail to repay the loan. But the trade-off is a lower interest rate than with unsecured borrowing, such as a personal loan. You can apply for a car loan at a car dealership, bank, credit union or through an online lender. 

We'll lay out some of the basics here. Plus, we've evaluated the major national auto loan providers and highlighted the best options for new, used and private party (purchase of a car from a private seller) loans below. We'll update this list regularly as terms change and new loan products are released. Note that all the starting APRs listed assume an "excellent" credit score of 800 or above.

Rates as of Aug. 3, 2022.

PenFed Credit Union

• APR: Starting at 3.44% (new car loans through PenFed Car Buying Service), 4.84% (used car loans through PenFed Car Buying Service); Loans outside of this service start at 4.24% (new car loans) or 5.04% (used car loans) 
• Loan amounts: $500 to $100,000
• Loan terms: 36 to 84 months
• Minimum annual income: Not specified
• Availability: 50 states
• Prepayment penalty: No

Pentagon Federal Credit Union is a credit union that offers low auto loan rates for both new and used cars, through the PenFed Car Buying Service. You'll need to become a credit union member to use this service, but membership is open to everyone, and requires opening a savings account with a minimum $5 deposit. If you're not interested in using PenFed's program to buy a car, you can still secure lower-than-average rates on new and used cars purchased outside of the service.

With flexible loan terms extending up to seven years, nationwide availability and no prepayment penalties, PenFed is the contender to beat in the auto loan industry.

Consumers Credit Union

• APR: Starting at 3.49% (car loans for 2020 or newer vehicles) and 3.74% (car loans for 2016-2019 vehicles)
• Loan amounts: $250 to $100,000
• Loan terms: 0 to 84 months 
• Minimum annual income: Not specified
  
• Availability: Branches across Illinois, shared branches nationwide
• Prepayment penalty: No

Consumers Credit Union is an Illinois-based credit union that has recently opened membership nationwide. Though its auto loan rates for vehicles made prior to 2020 are average for the market, their new car loan rates are a great deal. Consumers Credit Union also offers significant flexibility, with the widest range of loan terms and amounts of the providers we evaluated.

You can become a member online with a valid ID, two recent pay stubs, two tax returns from recent years, five references, two utility bills and a one-time $5 fee to the Consumers Cooperative.

Lightstream

• APR: Starting at 3.99% (new and used car loans) and 4.99% (private party car loans) with Autopay 
• Loan amounts: $5,000 to $100,000
• Loan terms: 24 to 84 months
• Minimum annual income: Not specified
  
• Availability: Online
• Prepayment penalty: No

LightStream is an online lender under Truist Financial that offers low rates for private party car loans. Though its loan amounts and terms are of average flexibility, it offers a variety of auto loan options. It places no restrictions on model year, make or mileage, making it the ideal lender if you plan to purchase an older car. LightStream's slogan, "Lending Uncomplicated®," promises a simplified lending process that includes being able to fund your loan the same day you apply, under certain conditions. 

In order to access LightStream's best terms, you'll need to sign up for AutoPay. LightStream's lowest rate loans are also unsecured -- so your car won't be repossessed if you can't make your payments, but your credit will suffer. 

Bank of America

• APR: Starting at 4.24% (new car loans), 4.44% (used car loans), and 7.19% (private party loans)
• Loan amounts: $7,500 ($8,000 in Minnesota) to $100,000
• Loan terms: 48 to 72 months
• Minimum annual income: Not specified
  
• Availability: 50 states
• Prepayment penalty: No

As one of the world's largest banks, Bank of America offers unbeatable availability and great rates. Though you don't need to be a member of Bank of America to use its auto loan services, members may qualify for special perks. For example, if you qualify for Bank of America's Preferred Rewards program -- based on your qualifying combined balances in your BOA deposit and/or Merrill® investment accounts -- you can be eligible for up to 0.50% off your APR. 

But Bank of America's loan policies can lack variety. For example, it offers one of the least flexible loan terms on this list, with the shortest loan term set at 48 months. In addition, the minimum financing amount is $7,500, which rules out Bank of America as a loan financier for more inexpensive used vehicles.

U.S. Bank

• APR: Starting at 4.49% (for new and used car loans)
• Loan amounts: $5,000 to $100,000
• Loan terms: 12 to 72 months
• Minimum annual income: Not specified
  
• Availability: Branches in 26 states
• Prepayment penalty: 1% of the original loan amount, with a minimum charge of $50 and a maximum of $100

U.S Bank offers interest rates as low as 4.89% for both new and used cars, which makes it a great lender for those purchasing preowned vehicles. If approved, the U.S Bank offers financing of up to 120% of your car's value, with no down payment required. 

However, to lock in the lowest used car rates, you'll need to meet specific criteria: Next to have excellent credit, you must have a loan-to-value ratio of 80% or less, buy a used car that's less than 1 year old, have a loan amount of at least $30,000, a loan term of 36 months or less and an automatic payment set up from a U.S. Bank account. Though these requirements are stringent, the low auto loan rates make them worth it for certain buyers. 

What are the drawbacks? U.S. Bank's availability is limited to 26 states. Plus, it charges a prepayment penalty of 1% of the original loan amount if you pay off your loan within a year's time. 

Carvana

• APR: Starting at 3.9% (used cars only)
• Loan amounts: Not specified
• Loan terms: 36 to 72 months
• Minimum annual income: $4,000
  
• Availability: Not available in Alaska or Hawaii
• Prepayment penalty: No

Though Carvana is mostly known for its online used car shopping experience, it also offers auto loans on vehicles you buy through the site. Carvana's only requirements are that you're over 18, make $4,000 annually and have no active bankruptcies, so it's a great choice for those with poor credit. Furthermore, Carvana's wholly online model combines the buying and financing experience, making the process of purchasing a used car relatively painless. 

However, though Carvana makes it possible for customers with bad credit to obtain a loan, the best auto loan rates will always be reserved for those with excellent credit – and it's important to note that it offers, by far, the highest starting APR on our list. 

Best car loan lenders, compared

Lenders	PenFed CreditUnion	Consumers Credit Union	LightStream	Bank of America	U.S. Bank	Carvana
Best for	New car loans	Used car loans	Private party car loans	Big bank option	Short loan terms	Those with poor or no credit
APR for new car loans	Starting at 3.44% (through PenFed Car Buying Program)	Starting at 3.49 (car loans for 2020 or newer vehicles)	Starting at 3.99%	Starting at 4.24%	Starting at 4.49%	N/A
APR for used car loans	Starting at 4.84% (through PenFed Car Buying Program)	Starting at 3.74 (car loans for 2016-2019 vehicles)	Starting at 3.99%	Starting at 4.44%	Starting at 4.49%	Starting at 3.9%
APR for private party loans	N/A	N/A	Starting at 4.99%	Starting at 7.19%	N/A	N/A
Loan amount	$500 to $100,000	$250 to $100,000	$5,000 to 100,000	$7,500 ($8,000 in Minnesota) to $100,000	$5,000 to $100,000	Not specified
Repayment terms	36 to 84 months	0 to 84 months	24 to 84 months*	48 to 72 months	12 to 72 months	36 to 72 months
Credit requirement (estimate)	Not specified	Not specified	Good to Excellent	Not specified	Not specified	Accepts all credit, no active bankruptcies
Availability	All 50 states	Branches across Illinois, shared branches nationwide	Online	All 50 states	Branches in 26 states	Not available in Hawaii or Alaska

What to know when applying for an auto loan

While car loans usually have fixed interest rates and loan terms, they can often be negotiated, depending on your lender. Your loan rate will generally depend upon your credit score -- the higher your credit score, the lower your annual percentage rate. A higher credit score may also give you access to a larger loan amount or more favorable repayment terms.

Next, you should consider loan terms. Let's say you qualify for a 2.5% APR loan. You'll pay less interest over time with a shorter term loan, but your monthly payments will be higher. Similarly, you'll pay more in interest over time with a longer loan term, but your monthly payments will be lower. Consider your budget and financial goals to determine which loan term will work best for you.

As you consider lenders, find out if they offer a preapproval process. Preapproval allows you to see the rates you qualify for without a hard inquiry -- when a creditor pulls your credit history -- which can cause your credit score to slightly dip. It also allows you to review options upfront without having to commit to a particular lender.

Lenders reviewed:

• Autopay
• Bank of America
• Capital One
• Carvana
• Chase
• Consumers Credit Union
• LightStream
• MyAutoLoan
• PenFed Credit Union
• PNC
• U.S. Bank

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rates range from 3.99%-10.49% APR w/AutoPay. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

© 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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7 Ways to Save Money on Car Insurance

7 Ways to Save Money on Car Insurance

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

Car insurance is getting more expensive. The cost of car insurance has continued to climb throughout 2022, and increased another 1.3% in July, according to the Consumer Price Index, a key indicator of inflation.

Inflation aside, car insurance was already rising as of last year. Many major car insurers started receiving approval for substantial rate increases at the close of 2021, raising premiums anywhere from 3% to 12%, according to S&P Global Market Intelligence. To top it off, gas prices have also hit record highs this year, making driving more expensive overall.

If you're tired of paying high car insurance premiums, we have a few tips you can try to reduce your auto insurance costs and add some extra breathing room to your budget. 

1. Raise your deductible 

Increasing your deductible -- your out-of-pocket cost before your insurance will pick up the bill on a claim -- can lower your premium. This move might make sense if you aren't driving much right now, do not have a history of accidents on the road or if you need to reduce your monthly costs to stay insured. Doing this could cost you later if you're in an accident, though, as you'll have to dish out more money before your carrier covers damages. You should make sure you have enough money to pay the higher deductible if you do end up in an accident.

2. Consider lower coverage for older vehicles

Older cars may not deserve the same insurance attention as your shiny new Tesla or all of the bells and whistles of a Mercedes-type policy. If your car is on its last go-round, you may want to cut out collision coverage or comprehensive coverage for that vehicle, both of which cover damages to your car.

Whether you should drop either coverage depends on the value of your car and the relative cost to insure it. Experts suggest that if your car is worth less than 10 times the annual premium, buying coverage for that vehicle may not be a cost-effective option. One of the quickest ways to check the value is by scrolling through Kelley Blue Book online. For example, say your annual premium is $1,600; 10 times that would be $16,000. If your car is worth less than $16,000, then it might make sense to lower insurance coverage for that car.

3. Use public transit or carpool when you can

Carriers may offer discounts if you have a low mileage count, meaning you drive less than the average number of miles per year compared to other Americans. Typically, you'd be considered a low-mileage driver if you drive less than 7,500 miles per year, but this isn't a bright-line rule. What actually determines if you're a low-mileage driver depends on what state you live in, your age and gender.

How much you can save depends on individual factors, in addition to the car insurance company you sign a policy with. State Farm offers one of the cheapest monthly premiums at $128 for low-mileage drivers, according to one analysis. 

If there is mass transit in your area, taking a bus a few days per week (or carpooling with others), could make you eligible for low-mileage discounts. If you don't live in an area with mass transit, you might also consider carpooling to work or school to bring your mileage down.

And if you transitioned to working or studying from home since the start of the pandemic and still haven't shifted back to an in-person workplace, contact your carrier to let them know -- and take advantage of any savings.

4. Bundle your insurance policies

One of the most straightforward ways to save money on insurance is by bundling your home and auto insurance, meaning you buy multiple insurance policies from the same company.  

Allstate , Liberty Mutual and GEICO each offer premium discounts for bundling -- depending on which policies and coverages you buy together. You can get discounts on your premium anywhere from 5% to 25%, depending on the provider. 

5. Shop around for car insurance rates

Maybe you're working from home permanently and need less coverage. Or perhaps you're returning to the office and need more coverage now. Whatever your situation may be, it's always a good idea to shop around to ensure you're getting the best rates, as other carriers might offer bigger discounts or lower premiums in general. 

If you aren't sure where to start, check out CNET's car insurance roundups, where you can see our picks for best overall car insurance, the cheapest car insurance, the best policies for teens and young drivers and the best options for military and veterans.

In addition to getting quotes online, you can reach out directly to some of the top insurance companies to ask about potential discounts.

6. Explore safe driving discounts

If you pride yourself on being a safe traveler, you're in luck. Carriers offer discounts for safe driving and modest claims history, and there are a number of discounts to take advantage of here. Call your carrier to ask how you can enroll in these types of programs. Once successfully enrolled, you should see your premium go down on your next bill.

State Farm, for example, offers both accident-free discounts, where you'll get a discount if you've gone at least three continuous years without an accident, and good driving discounts, which lowers your premium when you go three or more years without moving violations or at-fault accidents. 

Telematics insurance programs are also a great way to obtain safe drivers discounts, and it'll factor in low-mileage discounts, too. These programs monitor your mileage and driving behavior through a phone app or a car plug-in device. Call your carrier to enroll in the plan, and while discounts vary by carrier and state, you could be looking at savings as large as 30% off your premium. You'll start at a base rate that will be adjusted depending on the telematics report, which will include factors like your average speed and braking habits. For example, State Farm will review your telematics data every six months to determine how safe your driving has been, and based on those measurements, it'll apply a discount to your policy ranging anywhere from 5% to 50%, according to Bankrate.

7. Find a less expensive car

If you're looking to buy a new or used car, consider comparing the insurance costs among different vehicles. Auto insurance premiums are calculated through a variety of factors, and some of those factors are based on the car itself, including the car's price, repair costs and general safety record.

"This is the thing that people forget about: You can buy a Honda or a Kia, and it's less expensive, or you could buy a Mercedes or a Tesla -- it's going to be more expensive," said Janet Ruiz, a chartered property casualty underwriter and director of strategic communications at the Insurance Information Institute. 

And the difference in the cost of insurance for a Mercedes compared to a Honda is stark: The average cost to insure a Mercedes-Benz is about $4,505 annually, compared to an average of $2,151 annually for a Honda. That means you'll pay an average of $179 on a monthly basis for the Honda compared to $375 for the Mercedes. 

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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Buy a Lenovo smart alarm clock for $30, and Walmart includes a free smart bulb

Buy a Lenovo smart alarm clock for $30, and Walmart includes a free smart bulb

What's better than a big discount on a smart alarm clock? How about getting that reduced price plus a free smart light bulb thrown in for good measure? That's precisely what Walmart is doing right now. Originally costing $50, the basic-looking Lenovo Smart Clock Essential now costs $30. And as part of the deal, Walmart will also include one Lenovo Smart Color Bulb.

While Lenovo has cut the price of this particular bulb, it'll still set you back $6. 

Read more:  Best alarm clock of 2021

The Smart Clock Essential is not a true smart display: Its simple LED can't showcase video or photos. That said, it does have built-in support for Google Assistant and a speaker with good sound quality. It also has a nightlight that you can use for sunrise alarms. 

"It sounds great for its size and it offers all of the features you'd expect from a Google Assistant smart speaker," said CNET's Andrew Gebhart in his Lenovo Smart Clock Essential review -- and he liked it at $50.

This is definitely a red-hot special so best get it while supplies last.

This deal was originally published earlier.

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Are We in a Recession? Here's What You Should Know About Layoffs, Debt and Investing

Are We in a Recession? Here's What You Should Know About Layoffs, Debt and Investing

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

What's happening

Based on the latest numbers, the US is in a period of decline -- possibly even a recession.

Why it matters

Recessions are historically marked by a period of widespread layoffs, bankruptcies, higher borrowing costs and turbulence in the stock market.

What's next

Gather facts to protect your financial position. No one can predict the future, and it's important to move calmly and deliberately.

A recession is top of mind for many Americans. But how do we know if we're in one? Technically, the country is in a recession when gross domestic product, the value of all goods and services produced during a specific period, falls during two quarters back to back. Last week's results proved this was the case: GDP dropped by 1.6% in Q1 and 0.9% in Q2, according to the advanced estimate by the Bureau of Economic Analysis.

While all signs point to a recession, in the US, this is determined by the National Bureau of Economic Research -- and it has not called a recession yet. 

But whether we can call this period a recession or not feels like a game of semantics. 

Ultimately, everyday Americans are struggling as prices continue to soar, the cost of borrowing rises and layoffs increase across the country. Here are some recent questions I answered for my So Money podcast audience about how best to prepare, save, invest and make smart money moves in these uncertain times. 

What can we expect in a recession?

It's always helpful to go back and review recession outcomes so that we can manage our expectations. While every recession varies in terms of length, severity and consequences, we tend to see more layoffs and an uptick in unemployment during economic downturns. Accessing the market for credit may also become harder and banks could be slower to lend, because they're worried about default rates. 

Read more: The Economy Is Scary. Here's What History Tells Us 

As the Federal Reserve continues to raise rates to try to clamp down on inflation, we'll see an even greater increase in borrowing costs -- for mortgages, car loans and business loans, for example. So, even if you qualify for a loan or credit card, the interest rate will be higher than it was in the prior year, making it harder for households to borrow or pay off debt. We're already seeing this in the housing market, where the average rate on a 30-year fixed mortgage was recently approaching nearly 6%, the highest level since 2009. 

During recessions, as rates go up and inflation cools, prices on goods and services fall and our personal savings rates could increase, but that all depends on the labor market and wages. We may also see an uptick in entrepreneurship, as we saw in 2009 with the Great Recession, as the newly unemployed often seek ways to turn a small business idea into reality.

Will layoffs become more common?

With the unemployment rate sitting at 3.6%, the job market may appear to be, at least right now, the only stable part of the economy. But that's likely to be temporary, as companies battling with the current financial headwinds -- including inflation, rising interest rates and weakening consumer demand -- have already begun to announce layoffs. According to Layoffs.fyi, a website that tracks job losses at tech startups, there were close to 37,000 layoffs from startups in the second quarter of 2022. This week, Shopify announced reducing its workforce by about 10% or roughly 1,000 layoffs. CEO Tobi Lutke said the e-commerce company's pandemic-driven growth plans "didn't pay off."

In the Great Recession, unemployment peaked at 10%, and it took an average of eight to nine months for those out of work to secure a new job. So now could be the time to review your emergency fund if you think there's a shortfall. If you won't be able to cover a minimum of six to nine months' worth of expenses, which is hard for most people, see if you can accelerate savings by cutting back on spending or generating extra money. It's also a good time to make sure your resume is up to date and to establish contact with influential individuals in your professional and personal network. If you are laid off, make sure to apply for unemployment benefits right away and secure your health insurance. 

If you're self-employed and worried about a possible downturn in your industry or a loss of clients, explore new revenue streams. Aim to bulk up your cash reserves as well. Again, if previous recessions taught us anything, it's that having cash unlocks choices and leads to more control in a challenging time.

Will interest rates on my loans and debts go up?

As the Federal Reserve continues to raise interest rates to try to curb inflation, adjustable interest rates are set to increase -- ratcheting up the APRs of credit cards and loans, and making monthly payments more expensive. Ask your lenders and card issuers about low-interest credit options. See if you can refinance or consolidate debts to a single fixed-rate loan.

In past recessions, some financial institutions were hesitant to lend as often as they did in "normal" times. This can be troubling if your business relies on credit to expand, or if you need a mortgage to buy a house. It's time to pay close attention to your credit score, which is a huge factor in a bank's decision. The higher your score, the better your chances of qualifying and getting the best rates. 

Should I stop investing in my 401(k)?

With stocks in a downward spiral, many want to know how a recession could impact their long-term investments. Should you stop investing? The short answer is no. At least, not if you can help it. Avoid panicking and cashing out just because you can't stomach the volatility or watch the down arrows during a bear market. 

My advice is to avoid making knee-jerk reactions. This may be a good time to review your investments to be sure that you're well-diversified. If you suddenly experience a change in your appetite for risk for whatever reason, talk it through with a financial expert to determine if your portfolio needs adjusting. Some online robo-advisor platforms offer client services and can provide guidance. 

Historically, it pays to stick with the market. Investors who cashed out their 401(k)s in the Great Recession missed out on a rebound. Despite the recent downtick, the S&P 500 has risen nearly 150% since its lows of 2009, adjusted for inflation.

The one caveat is if you desperately need the money you have in the stock market to pay for an emergency expense like a medical bill, and there's no other way to afford it. In that case, you may want to look into 401(k) loan options. If you decide to borrow against your retirement account, commit to paying it back as soon as possible.

Should I wait to buy a home?

With mortgage rates on the rise and housing prices not cooling nearly fast enough, owning could be more expensive than renting right now. A report from the John Burns Real Estate Consulting firm looked at the cost to own versus renting across the US in April and found that owning costs $839 a month more than renting. That's nearly $200 greater than at any point since the year 2000.

Fixed rates on 30-year mortgages have practically doubled since last spring, which has helped slow down offers and cool housing prices -- but competition among buyers is still stiff due to historically low inventory. All-cash offers and bidding wars continue in plenty of markets. If you've been shopping for a home in recent months or the past year to no avail, you may feel exhausted and defeated.

As I stated in my newsletter: Don't be hard on yourself. You're not doing anything wrong if you have yet to offer the top bid. While it's true that a fixed-rate mortgage can offer you more predictability and budget stability, as long as inflation continues to outpace wages, there could be some bright sides to renting right now. For one, you're not buying a home in a bubble market that some economists are saying is soon to burst. If you have to unload the home in a year or two -- during a possible recession -- you may risk selling at a loss.

Secondly, renting allows you to hold onto the cash you would have spent on a down payment and closing costs, and will help you stay more liquid during a time of great uncertainty. This allows you to pivot more quickly and secure your finances in a downturn. Remember: Cash is power.

Read more: Should You Buy a Home in 2022 or Wait? 3 Factors to Consider

My final note is that it's important to remember that recessions are a normal part of the economic cycle. Long-term financial plans will always experience some declining periods. Since World War II, the US has had about a dozen recessions and they typically end after a year or sooner. By contrast (and to give you some better news), periods of expansion and growth are more frequent and longer lasting. 

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TV Shopping? Consider buying a 2021 TV (and Save Money)

TV Shopping? Consider buying a 2021 TV (and Save Money)

What's happening

New 2022 TV models are now available, but plenty of 2021 TVs are still out there.

Why it matters

2022 TVs might be newer, but they're also more expensive and have similar features to the 2021 models. You'll save money right now by grabbing a 2021 unit. Or wait until the fall when 2022 TVs will be on sale.

If you're looking to get a new TV without breaking the bank, opting for last year's model or waiting a few months until prices drop on 2022 models are your best bets to get all the features you want while still saving money. That's because TVs are a mature technology, which means that new, groundbreaking features don't come out every single year. Changes are incremental, with new models adding only minor updates year-over-year. For example, a 2021 TV at a given size or price will generally have similar picture quality and features to its 2022 counterpart. There are still deals on 2021 TVs, which are significantly less expensive than the current models. 

When deciding which TV to buy and when, everyone should know about the annual television pricing cycle. It starts at CES, the huge tech show that happens every January, when new TVs (plus other tech like laptops and car technology) are announced each year. Later in the spring and summer -- basically now -- many of the new models are already on the shelves. But those new sets are at their highest prices of the year. During the fall, manufacturers start slashing prices to make way for next year's crop of new TVs. 

If you want the latest and greatest technology you're probably already set on a 2022 model and you'll certainly be able to save money on those in the fall. But if you're looking to get a new TV right now, scooping up a deal on a 2021 set is going to be the most affordable option. Just know that you'll probably have to jump on a bargain when you see them, as eventually manufacturers will sell out of their 2021 models.  

Read more: LG C1 vs. LG C2: Which OLED TV Should You Buy?

Sony and Samsung TVs with QD-OLED, a new technology promising better picture quality, are expensive and only available in 55- and 65-inch sizes.

Sony

If I buy a 2021 model now, what new features am I missing?

To put it succinctly, not too much. There's always something new around the corner, but changes from year-to-year are usually incremental. If you worry about missing out on the latest and greatest tech, it should give you peace of mind that even if something really new hits the market, it's going to be very expensive. 

New QD-OLED TVs from Samsung and Sony are a good example. They combine OLED displays with quantum dot technology, and claim higher brightness and better color compared to current OLED TVs. One of these new sets might sound enticing, but QD-OLEDs come with a premium price tag, so they might be tough to recommend over more-affordable OLEDs like the LG C2.

Read more: QD-OLED: Everything We Know About the Newest TV Tech From Samsung and Sony

In 2022, traditional OLED TVs are arriving in untraditional sizes. This year, LG introduced the 42-inch C2 Series TV, the smallest OLED on the market, while also laying claim to the largest OLED available with the 97-inch G2 TV.

New for 2022, LG's OLED C2 now comes in 42- and 97-inch sizes.

Richard Peterson/CNET

Mini-LED TVs are also on the rise and could deliver close-to-OLED picture quality, but the new models we know about so far will also be expensive. The Sony Z9K and X95K are the company's first models with mini-LED, and the TCL X925pro has a new kind of slimmer mini-LED backlight, but none of them will be cheap. Samsung, TCL and Vizio are expected to announce more TVs later this year, many of which will use mini-LED, but we doubt they'll offer huge improvements over the 2021 models.

Also rolling out across the country is NextGen TV, aka ATSC 3.0. This is free over-the-air 4K TV, and it's moving forward quite quickly -- it might already be available in your city. In 2022 we'll see more TVs with built-in tuners that cost less than ever. Don't feel you need to rush to upgrade, or get those specific models however, since in the worst case you'll be able to buy a cheap external tuner and connect that to your TV.

Read more: Gaming Modes, Webcams and QD-OLED: Which 2022 TV Trends Stand Out?

There's also HDMI 2.1. While 2.1 has several new technologies that are great, it's not going to make any current TVs obsolete (unless it's a current 8K TV, but that's yet another story). As long as your current TV works with your current sources, you should be fine. 

Really old TVs, older than 10 years, might have issues connecting to modern streaming and disc sources, but there's no real workaround for that. If your TV doesn't work with a new Roku or Blu-ray player, then you might need to upgrade if you want to use one of those.

Do I need to upgrade?

Forget all the new tech. If your TV works and you're happy with it, keep it. Don't feel any pressure to upgrade. 

Modern TVs are, on average, brighter and have better picture quality than the TVs from a few years ago. Unless you're the type of videophile who wants to tweak every setting and fixates on nits and color accuracy, however, you probably don't need a new TV.

The pressure to upgrade is pervasive in our tech culture, but TVs tend to last (and be perfectly functional) longer than most devices. They don't, for example, have batteries that lose capacity like mobile phones -- or have wires that wear out like headphones. A TV from five or even 10 years ago likely works fine, though it might not look as good as the current 4K HDR TVs. So again, if that's not a huge deal for you, you can likely keep what you have for a few more years. 

Read more: Best TVs for PS5 and Xbox Series X, Series S

This is even true when considering new consoles, the PlayStation 5 and Xbox Series X. If you've got a PS4, Xbox One or any console connected via HDMI, the new consoles should work fine. They might look better on a new TV, but they'll still look great on yours.

If your TV is having issues, or you just want something larger, that's a different story. New TVs are much cheaper per inch than TVs of the past. You'll be able to replace your current TV with something the same size, looks better and is cheaper than your old TV. Or you can pay the same amount as your old TV and get something that's far bigger.

When is the best time to buy a TV?

TV sales are the biggest in the fall and culminate on Black Friday and Cyber Monday. There are always some incredibly cheap 4K TVs on offer, but that's not the whole story.

First of all, the TVs that get the huge discounts are usually either no-name brands, or low-end models from name brands. They're fine if you just want a cheap TV, but they're not going to offer the picture quality of an even slightly higher-end model. The best TVs go on sale as well, but deep discounts on those are less common. 

TV sales happen all year, but Black Friday season sees the biggest discounts.

Roberto Machado Noa/Getty Images

Second, massive discounts on TVs are rare in general. It might be counterintuitive, but TVs typically don't have much mark-up. There isn't a lot of profit in a $500 TV. So unless the store is trying to clear out stock, you shouldn't expect a gigantic drop in price even during sales. Plenty of good discounts are available, they're just not going to be "50% off" or similar, unless there's a specific reason that model is getting such an extreme discount. Or it's a doorbuster in limited quantities.

Third, most big companies don't allow stores to offer their own pricing. This is called UPP, or unilateral pricing policy. It means that a TV from that company is going to cost the same, whether it's on Amazon, in Best Buy, or anywhere else. Well, anywhere else that wants to continue selling TVs from that company. If this sounds sketchy, it is, but that's a topic for a different article. 

The Samsung Frame may look sophisticated, but your current TV might work just as well. 

Samsung

All in all, is it worth upgrading my TV?

Here's the short version:

Get a new TV now if:

• Your current TV is having issues, or is too old to connect to a streaming service like Netflix.
  
• You're willing to buy from a place that has a price-match policy, in case there's a sale.
  
• You want something bigger than what you have now.
  

Don't get a TV now if:

• Your current TV works fine.
  
• There's literally anything else you need or want to spend money on.
  

If you've got the itch for something new, but you're still on the fence, consider giving your TV a bit of a makeover. If you've never adjusted the settings, it's easy to do and will probably make your TV look better than it ever has. That might tide you over for a bit.

And if you finally decide that, yes, you're ready to buy a new TV now, we at CNET do have some guidelines and suggested models.

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As well as covering TV and other display tech, Geoff Morrison does photo tours of cool museums and locations around the world, including nuclear submarines, massive aircraft carriers, medieval castles, airplane graveyards and more. 

You can follow his exploits on Instagram and his travel video series on YouTube. He also wrote a bestselling sci-fi novel about city-size submarines, along with a sequel.

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NextGen TV, aka ATSC 3.0, is continuing its rapid rollout across the country. Major markets like Los Angeles, Atlanta, Denver, Houston and more all have stations transmitting. Meanwhile New York, Boston, and many other markets are slated to have broadcasts later this year. While not every station in every market has a NextGen TV counterpart, more and more are coming on the air.

What's NextGen TV? It's an update to the free HDTV you can already get over-the-air in nearly every city in the US. There's no monthly fee, but you do need either a new TV with a built-in tuner or a standalone external tuner. The standard allows broadcast stations to send higher quality signals than ever before with features like 4K, HDR, 120 Hz, and more. ATSC 3.0 proponents also claim better reception indoors and on-the-go -- whether it's on your phone, or even in your car. The best part is that if you're watching it on your TV it uses the same standard antennas available today.

One potential downside? ATSC 3.0 will also let broadcasters track your viewing habits, information that can be used for targeted advertising, just like companies such as Facebook and Google use today. 

Read more: Best TV antennas for cord cutters, starting at just $10

NextGen TV to you

ATSC.org

Here's the top-line info:

• If you get your TV from streaming, cable or satellite, NextGen TV/ATSC 3.0 won't affect you at all. 
• The transition is voluntary. Stations don't have to switch. Many have already, however, for reasons we'll explain below.
• It's not backwards-compatible with the current HD standard (ATSC 1.0), so your current TV won't be able to receive it. Your current antenna should work fine though.
• Stations that switch to NextGen TV will still have to keep broadcasting ATSC 1.0 for five years.
• There are multiple models and sizes of TV with built-in tuners available now from Hisense, LG, Sony, Samsung and others.
• As of the beginning of 2022 the majority of the largest markets in the US have at least one channel broadcasting NextGen TV. By the end of 2022, nearly all major and many minor markets will have multiple channels .
  

Here's the map of actual stations as of January 2022. Orange denotes stations that are live now. Blue is launching before summer. White sometime after the summer.

ATSC

How it will work in your home

Put simply: If you connect an antenna to your TV you will receive free programming, just like most people can get now. Yet, that is selling the potential benefits of NextGen TV short. 

NextGen TV is IP-based, so in practice it can be moved around your home just like any internet content can right now. For example, you connect an antenna to a tuner box inside your home, but that box is not connected to your TV at all. Instead, it's connected to your router. This means anything with access to your network can have access to over-the-air TV, be it your TV, your phone, your tablet or even a streaming device like Apple TV. There will be traditional tuners as well, of course, but this is a new and interesting alternative.

This also means it's possible we'll see mobile devices with built-in tuners, so you can watch live TV while you're out and about, like you can with Netflix and YouTube now. How willing phone companies will be to put tuners in their phones remains to be seen, however. You don't see a lot of phones that can get radio broadcasts now, even though such a thing is easy to implement. We'll talk more about that in a moment.

'Voluntary'

In November of 2017, the Federal Communications Commission approved ATSC 3.0 as the next generation of broadcast standard, on a "voluntary, market-driven basis" (PDF). It also required stations to continue broadcasting ATSC 1.0 (i.e. "HD"). This is actually part of the issue as to why it's voluntary. 

During the mandatory DTV transition in the early 2000s, stations in a city were given a new frequency (channel, in other words), to broadcast digital TV, while they still broadcast analog on their old channel. These older channels were eventually reclaimed by the FCC for other uses when the proverbial switch was flipped to turn off analog broadcasts. Since a changeover isn't occurring this time around, stations and markets are left to themselves how best to share or use the over-the-air spectrum in their areas.

Because there's no new bandwidth, broadcasters will temporarily share transmitters. Two or more stations will use one tower for ATSC 1.0 (HD) broadcasts and those stations will use another tower for ATSC 3.0 (UHD) broadcasts. This will mean a temporary reduction in bandwidth for each channel, but potentially a limited impact on picture quality due to the better modern HD encoders. More info here.

ATSC/TVTechnology.com

While it's not a mandatory standard, many broadcasters still seem enthusiastic about NextGen. At the beginning of the roll-out, then executive vice president of communications at the National Association of Broadcasters Dennis Wharton told CNET that the improvement in quality, overall coverage and the built-in safety features mean that most stations would be enthusiastic to offer ATSC 3.0.

John Hane, president of the Spectrum Consortium (an industry group with broadcasters Sinclair, Nexstar and Univision as members), was equally confident: "The FCC had to make it voluntary because the FCC couldn't provide transition channels. [The industry] asked the FCC to make it voluntary. We want the market to manage it. We knew the market would demand it, and broadcasters and hardware makers in fact are embracing it."

Given the competition broadcasters have with cable, streaming and so on, 3.0 could be a way to stabilize or even increase their income by offering better picture quality, better coverage and, most importantly, targeted ads.

Ah yes, targeted ads…

Broadcast TV will know what you're watching

One of NextGen TV's more controversial features is a "return data path," which is a way for the station you're watching to know you're watching. Not only does this allow a more accurate count of who's watching what shows, but it creates the opportunity for every marketer's dream: targeted advertising. 

Ads specific to your viewing habits, income level and even ethnicity (presumed by your neighborhood, for example) could get slotted in by your local station. This is something brand-new for broadcast TV. Today, over-the-air broadcasts are pretty much the only way to watch television that doesn't track your viewing habits. Sure, the return data path could also allow "alternative audio tracks and interactive elements," but it's the targeted ads and tracking many observers are worried about.

The finer details are all still being worked out, but here's the thing: If your TV is connected to the internet, it's already tracking you. Pretty much every app, streaming service, smart TV and cable or satellite box all track your usage to a greater or lesser extent.

Return data path is still in the planning stages, even as the other aspects of NextGen TV are already going live. There is a silver lining: There will be an opt-out option. While it also requires Internet access, if this type of thing bothers you, just don't connect your TV or NextGen TV receiver to the internet. You will inevitably lose some of the other features of NextGen TV, however.

That said, we'll keep an eye on this for any further developments.   

Free TV on your phone?

Another point of potential contention is getting ATSC 3.0 tuners into phones. At a most basic level, carriers like AT&T, Verizon and T-Mobile are in the business of selling you data. If suddenly you can get lots of high-quality content for free on your phone, they potentially lose money. Ever wonder why your phone doesn't have an FM radio tuner? Same reason.

T-Mobile made a preemptive strike along those lines all the way back in September 2017, writing a white paper (PDF) that, among other things, claims, "In light of the detrimental effects that inclusion of ATSC 3.0 can have on the cost and size of a device, the technology trade-offs required to accommodate competing technologies, and the reduced performance and spectral efficiency that it will have for other mobile bands and services, the decision as to whether to include ATSC 3.0 in a device must be left to the market to decide."

"The market" determined you didn't need an FM tuner in your phone, and in the few phones that had an FM tuner, if you bought it through an American provider, it was almost always disabled.

TV broadcasters, on the other hand, are huge fans of ATSC 3.0 on mobile phones. It means more potential eyeballs and, incidentally, a guarantee of active internet access for that return data path. John Hane of the Spectrum Consortium feels that tuners built into phones is "inevitable," and that international adoption of ATSC 3.0 will help push it forward. Wharton says that the focus is getting TVs to work, but mobile is in the plan.

Then there's portable TVs, of which there are HD versions on the market and have been for years. The next-generation ATSC 3.0 versions of these will likely get better reception in addition to the higher resolution offered by the new standard.

Sarah Tew/CNET

Cost (for you)

NextGen TV is not backward compatible with current TV tuners. To get it, you'll eventually need either a new TV or an external tuner. 

However, you shouldn't feel a push to upgrade since:

1. NextGen TV/ATSC 3.0 isn't mandatory, and it doesn't affect cable, satellite or streaming TV.

2. HD tuners cost as little as $30 to $40 now, and NextGen TV tuners, which currently sell between $200 and $300, will eventually be cheap as well.  

3. Even after they start NextGen broadcasts, stations will have to keep broadcasting regular old HD. 

Here's the actual language:

"The programming aired on the ATSC 1.0 simulcast channel must be 'substantially similar' to the programming aired on the 3.0 channel. This means that the programming must be the same, except for programming features that are based on the enhanced capabilities of ATSC 3.0, advertisements and promotions for upcoming programs. The substantially similar requirement will sunset in five years from its effective date absent further action by the Commission to extend it."

In other words, the HD broadcast has to be essentially the same as the new 3.0 broadcast for five years, perhaps longer depending on future FCC actions.

Which brings us to point 3. By the time people had to buy them, HD tuners were inexpensive and are even more so now. The HD tuner I use is currently $26 on Amazon. The first generation NextGen tuners available now are more expensive than that, though they're not outrageous. We'll discuss those below. By the time anyone actually requires one, however, they'll almost certainly be affordable.

Which is good, because there aren't any planned subsidies this time around for people to get a tuner for cheap. I'm sure this is at least partly due to how few people actually still use OTA as their sole form of TV reception. Maybe this will change as more stations convert, but we're a ways away from that.

As you can see, there are lots of parts that need to get upgraded all along the chain before you can get 3.0 in your home.

ATSC/TVTechnology.com

Here's another way to think about it: The first HD broadcasts began in the mid-90s, but when did you buy your first HDTV? As far as the 3.0 transition is concerned we're in the late-90s, maybe generously the early 2000s, now. Things seem like they're moving at a much more rapid pace than the transition from analog to DTV/HDTV, but even so, it will be a long time before ATSC 3.0 completely replaces the current standard.

How to get NextGen right now

LG

If you want to check it out for yourself, many of you already can. The first stop is to go to WatchNextGenTV.com. That website will help you find what stations in your area are broadcasting, or which ones will soon. 

Next up you'll need something to receive it. If you're in the market for a new TV there are several options available from Hisense, LG, Samsung, and Sony. Here's our list of all the 2022 TVs with built-in next-gen tuners.

If you want to check out NextGen TV without buying a new television, you'll need an external tuner. It's still early days, so there aren't many options. 

The Tablo ATSC 3.0 Quad HDMI DVR

Nuvvyo

At CES 2022 Nuvvyo announced the Tablo, a quad-tuner box that can connect to a TV directly, or transmit over a network to Rokus, Apple TVs, or computers on your home network.  

The Silicon Dust has two models, the $199 HomeRun Flex 4K and the $279 HomeRun Scribe 4K. Both have ATSC 1.0 and 3.0 tuners.  

If you want a more traditional tuner, BitRouter plans to start shipping its first ZapperBox M1 tuners in the spring. You can reserve one now for $249. It doesn't have internal storage, but BitRouter plans to add the ability to save content on network-attached storage, or NAS, devices via a firmware update. They also plan to add the ability to send the content around your home network, like what the Scribe 4K does.

Zapperbox

Then there's what to watch. Being early in the process, you're not going to find much 4K content, possibly not any. This was the same with the early years of HDTV. It's also going to vary per area. There is certainly a lot of 4K content being produced right now, and that has been the case for several years. So in that way, we're in better shape than we were in the early days of HD. 

Basic and paid cable channels over-the-air?

One company is using the bandwidth and IP nature of NextGen to do something a little different. It's a hybrid paid TV service, sort of like cable/satellite, but using over-the-air broadcasts to deliver the content. It's called Evoca, and right now it's available only in Boise, Idaho. Edge Networks is the company behind it, and it wants to roll it out to other small markets where cable offerings are limited, and broadband speeds are slow or expensive. 

It's an interesting idea for underserved and often forgotten-about markets. 

Read more: Cable TV channels and 4K from an antenna?

Seeing the future

The transition from analog broadcasting to HD, if you count from the formation of the Grand Alliance to the final analog broadcast, took 16 years. 

Though many aspects of technology move rapidly, getting dozens of companies, plus the governments of the US and many other countries, all to agree to specific standards, takes time. So does the testing of the new tech. There are a lot of cogs and sprockets that have to align for this to work, and it would be a lot harder to fix once it's all live.

But technology moves faster and faster. It's highly doubtful it will take 16 years to fully implement NextGen TV. As we mentioned at the top, dozens of stations are already broadcasting. Will every station in your city switch to NextGen TV? Probably not, but the bigger ones likely will. This is especially true if there are already other NextGen TV stations in your area. There's a potential here for stations to make additional money in the long run with 3.0, and that's obviously a big motivator.

There's also the question of how much content there will be. If it follows the HDTV transition model, big sporting events in 4K HDR will come first, followed by lots and lots of shows featuring nature scenes and closeups of bugs. Seriously -- this was totally a thing. Then we'll see a handful of scripted prime-time shows. My guess would be the popular, solidly profitable ones that are produced (not just aired) by networks like CBS and NBC.

So should you hold off buying a new TV? Nope, not unless you only get your shows over the air. And even if you do, by the time there's enough content to be interesting, there will be cheap tuner boxes you can connect to whatever TV you have. 

For now, NextGen TV seems to be well on its way.

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As well as covering TV and other display tech, Geoff does photo tours of cool museums and locations around the world, including nuclear submarines, massive aircraft carriers, medieval castles, epic 10,000 mile road trips, and more. Check out Tech Treks for all his tours and adventures.

He wrote a bestselling sci-fi novel about city-size submarines, along with a sequel. You can follow his adventures on Instagram and his YouTube channel.

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