New Year, New You, New Car?

If there ever is a thing to wait for the perfect time to purchase, it’s a new car. No one wants to get suckered into purchasing something they A) can’t afford; and B) don’t need. So one must be vigilant to search out the best possible deal, since you’ll be investing tens of thousands of dollars (or more). Many people have negative misconceptions about car dealerships that it’s become a popular stereotype.

 

But don’t let that deter you. Dealerships want to sell cars even more than you want to buy them. And they’re knowledgeable and helpful. So here are some car-buying tips to consider when purchasing a new or used (new to you!) vehicle.

The End is Nigh

If those car commercials you’ve been seeing this season aren’t a big clue on when to buy a new car, then let me shed some light on the subject. The reason you see so many of those is not just because the holidays are approaching. It’s also because it’s the end, as we know it. The end of the month, the end of the year, and the end of the day are all good times to purchase a new car.

  • Monthly quotas need to be met and customers may find a better deal when it comes time to move inventory. This is obviously not always the case, but it can’t hurt to go take a peek.
  • The end of the year also means old models are on their way out to make room for next year’s vehicles.
  • Oddly enough, new car deals sometimes happen near the end of the day. This is just human behavior and opportunism at its best. What great salesperson will let an eager car buyer go without some new keys? None is the answer.

Great Rebate

You might see a rebate or incentive offer at your local dealership to help stimulate sales. And if this is the case, you could get the deal you’re looking for while the dealership makes the sale they need. Win–win, right? These deals can include cash rebates, financing offers, and good leasing options. Rebates might appear to clear out models and can happen at any time during the calendar year. You can browse rebates by make to ensure you get the car you want at the price you want.

Buying vs. Leasing

The benefit of buying is simple: It’s yours. You can do what you want with it and to it. Provided you don’t completely trash it when it comes time to purchase a new one. You might want that old one to trade in and get a little cash off the top of your next purchase. It’s also especially helpful if you drive a lot of miles since most leases are dependent upon low mileage averages per year. But that brings us to a very serious benefit of leasing: If you don’t drive that many miles, and you don’t particularly like spending money on routine maintenance, then you can get a new car every few years and let the dealership fix it when it needs to. As someone who has both leased AND purchased, I can honestly say that it’s a situational decision and no one side rules over the other. Take into consideration the following when weighing buying vs. leasing your next car:

  • Down payment (Many lease options don’t call for a down payment.)
  • Monthly payment
  • Repair costs/Routine maintenance
  • Mileage restrictions
  • Warranty expiration
  • Trade-in hassles
  • Depreciation

Black Friday

Okay, I know, Black Friday has come and gone this year. But it’s not like Black Friday is going anywhere. In fact it’s the opposite; it’s like the universe and seems to be expanding. So when you think you’re ready to sign on the dotted line, organize your trip for the day after Thanksgiving. But be prepared and know what you want before going in. It’s not exactly a day to browse and maybe buy. It’s a day that deserves your grit and determination to drive away happy in the car you desire. This is especially true for used vehicles on Black Friday. Since they see 33% more deals that day on average. And with brand new tires, a used car (remember — new to you!) reconditioned with brand spanking new tires can be just as nice!

No matter your reason for purchasing a car, make sure you plan ahead and consider the positive financial effect you could have when knowing more about what you want before going into the dealership. Happy buying!