How to Get the Best Price on a Car During the Holidays
If there’s one holiday tradition you can count on in our ever-changing world, it’s that by the end of every year, you’ll see a car ad with a giant car-sized bow on top. While I personally have never been given a car with a giant car-sized nose (and I’m not shy about changing it for me), it’s true that now is the best time to buy a car. Many automakers are offering vehicle sales and financing deals right now to help get them off the lot as new model year vehicles arrive. If you’re looking for a new or used car, this time of year can be a great time. buy for additional savings, but only with the right plan. Arm yourself with these tips when shopping for a car this holiday season.
Tips for buying a car while on vacation
Time your purchase correctly
Aim to make a purchase near the very end of December, as sellers are scrambling to meet monthly quotas and annual sales goals for the rest of the year. Christmas Eve and New Year’s Eve are great times to get the best deals. Year-end model sales will also bring big discounts—just make sure you’re comfortable buying the previous year’s model if you go that route.
Get a house edge
Research is your best friend. By the time you arrive at the dealership, you should already know the following:
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Your budget
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Whether you’re renting or buying (though you should probably buy rather than lease ).
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Your Best Choice (Plus Two Backups)
Research market prices for cars using price comparison sites such as Edmunds or Kelley Blue Book . Estimate the fair market value of the make and model you are interested in.
When it comes to payment, the gold standard is to pay for the car in cash and in full, but this is not a realistic option for all buyers. Instead, opt for auto loan pre-approval from your bank or credit union and compare that offer to dealer financing. Your credit score plays an important role in determining your interest rate and whether you get approved. Before you apply for credit, check your credit score so you know where you stand. If it’s low, here are ways to improve it .
Another holiday tip is to check your year-end inventory of last year’s models. As 2024 models arrive, dealers will be eager to get rid of 2023 and even 2022 models still on the lot, giving you some bargaining power.
Stay up to date with offers
Check out our exclusive holiday pricing packages and lower preferential financing rates. Keep track of key sales information and fine print exceptions on manufacturer and dealer websites. Check to see if manufacturer financing or customer rebates are available for the vehicles you’re considering. Keep in mind that some holiday-related manufacturer incentives may actually be in effect before the holiday weekend or may be in effect after the holiday weekend.
Be decisive
It’s time to put all your research to use. Cars are a hot commodity, so be prepared to pull the trigger at the dealership. You should mention any competing offers you received to use them as leverage, even if they are not an exact apples-to-apples comparison. Then again, the old days of walking away as a negotiating tactic are a thing of the past for now —by the time you return, your car will likely be sold.
One area where you can be flexible: your car’s color and trim options. Choosing colors/options that aren’t as popular can save you money as the dealer may be trying to move those cars.
If you ‘re selling your existing car , its age or mileage will determine its base value, whether it’s the holidays or not. But you have an advantage when negotiating the purchase price of a new car during peak sales. Highlight applicable retail discounts and indicate year-end sales volume targets that sellers strive to achieve by achieving the lowest overall price. Review what dealer fees you can and can’t avoid .
The festive chill in the December air doesn’t have to discourage big ticket purchases—with the right mindset, you can score a great deal on a new car this holiday season.