In the past it was hard to buy a car without draining your bank account and loading up on debt. But for the first time in a long time, the market actually works in favor of car buyers. Taking advantage of it only requires following a few simple guidelines.

The first method is the natural and usual one: shop around.

Just don’t expect miracles. Many dealers online or retail are so hungry for business now, and so overloaded with inventory, that they may even take a small loss just to get the car off the lot. Still, there’s a floor set by the price the manufacturer charges them. The dealer can only budge so much before they have to say no.

The second area for potential savings is one in which relatively few buyers are as knowledgeable as they might be: financing.

Not only are inventory stocks high and dealers hungry, but interest rates on auto loans are at very low lows and banks are eager for business from qualified borrowers. They’re likely to stay that way for some time to come, too, so there’s no need to rush out and get the first thing that looks good. You can take the time to do some research.

One way the dealer can stay flexible on the price is by getting the financing end of the deal as well. In days past, that was ruinous for buyers. It meant paying several percentage points more, which was only necessary if you had really weak credit. The exceptions were low-interest deals on select models unless you wanted a set discount right off the top. But those models, no surprise, were the ones you may not have wanted. That’s why they carried the discount and not some other car.

Now, buyers – ok, we have to say it – are in the driver’s seat. Auto loans, despite the credit crunch, are still being offered to qualified buyers on very good terms from everyone with money to lend. That means interest rates are low overall from both banks and dealers.

That works to your advantage. Suppose you have to decide between a 5.0% interest rate from the bank and 5.5% from the dealer. The lower rate sounds attractive, natch. But, on a $30,000 car paid back over 48 months that works out to only about $10 difference per month. That isn’t worth paying a higher price on the car, is it?

To find out the difference in your specific situation, just use a home loan mortgage calculator and plug in the numbers. It’s the same equation behind the scenes, so you can use the same software to judge how much you can save in various scenarios.

But there’s one method that hasn’t seen much use for most buyers the past few years: buy used. With times tight, and auto prices still in the range of what a house would have cost 40 years ago, expect it to make a comeback.

A car that is a month old will sell for a substantial discount over a new car and dealers have to list it as used. With unemployment up and so many home foreclosures the past year, there are now more of those on the market than you might suspect.

Even a car a year or two old is still practically new, unless the previous owner abused the vehicle, which is rare. Cars are built to last these days, thanks to superior materials and machinery.

Also, when major dealers take in a car they do a thorough inspection on all aspects of the engine, drive train, brakes, and more. They make sure the interior is spotless and as close to new again as possible.

Take advantage of these simple techniques and you can save a bundle over what you would have paid until recently. Even in hard times, there are always ways to make life a little better.

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