Black Friday is upon us again which means that it’s time to whip out that trusty credit card and buy everything you can because it’s on sale. That goes for cars too, but of course, a car is a much bigger purchase than an elusive Playstation 5, so there are a few things you should look out for if you plan to buy one this week. Here are a few tips.
1. There’s no need to buy a car on Black Friday itself
Contrary to popular belief, Black Friday isn’t the only day that you can get a good deal on the car that you want. When I worked as a car salesman, I would constantly tell customers from the beginning of November to the end of it that they will get the same deal all month. Most didn’t believe me. Surprising, I know.
But alas, it was true. Car manufacturers give dealers and customers incentives to buy cars. These incentives include leasing or financing deals as well as discounts off the car in the form of “rebates.” The best part of these incentives is that they last all month and change when the new month hits. That means, if you’re offered a good deal on Black Friday itself, you can walk away and likely get the same deal the next week – provided that the car that you want is still available.
2. Buy a car that is in stock
If the exact car that you want is not in stock, then buy one that is. If you can live with the color and options configuration of whatever car that the dealer has in stock, then you could end up scoring a better deal. Of course, 2021 hasn’t been kind to dealer inventories, so don’t expect much to be in stock from the get-go.
But if there’s one lonely straggler sitting in the back lot, then there’s no shame in offering a low-ball offer, Car and Driver reports. You never know, you could end up getting a really good deal.
3. Take advantage of the manufacturer’s lease and financing deals
Speaking of good deals, some of the best deals that can be had right now (since dealer inventories are low) are through the manufacturer’s incentives. Kelley Blue Book listed the best Black Friday deals for this year and most of them include special financing rates or lease offers. For example, Audi is offering a special 1.49% interest rate for up to 60 months on a variety of its vehicles.
Chrysler has a great lease offer on the Pacific Hybrid, which equates to $309 per month with $3,865 due at signing. Just note that many of these offers are for well-qualified buyers, so not everyone will be eligible for them. If you are, however, then these incentives could be the most affordable way into a new car this year. Also, remember that they are good until the end of the month.
Black Friday is a good time to buy a car
While buying a car from a dealership this year may come with some challenges in terms of discounts and inventory shortages, Black Friday is still a good time to buy a car. There are plenty of dealers that looking to offload whatever inventory that they have, so be sure to do your research before you pull the trigger on any car.
Coming prepared and knowing what you want ahead of time can speed up the process and even save you some money. That way, you can buy that Playstation 5 or whatever else is on sale this week.