The auto industry is in the midst of a full scale recovery, as markets have shifted significantly to bring customers flocking back to car dealerships in search of a new ride. Some of the best deals to be had were available when the market fell to historic lows in Winter 2009, as car manufacturers did what they could to move iron by heavily discounting same.
Many of the deepest discounts are long gone, but even as the market recovers, good buys can still be had. Let's take a look at how you can save money on your next new car, smart car buying strategies for a recovering automotive market.
Shop Around - Always a good idea! Comparing prices for the same make/model at more than one dealership is wise. Regional manufacturer incentives should be the same, but additional incentives can be realized at the dealership level. Check with 3-4 dealers in your area to find the best price; don't be afraid to play them off of each other.
Leftover Models - You may want this year's model, but last year's leftover may carry some extra special incentives. Of note, are those cars which have had a generational change, meaning that they are all new for the current model year. That makes last year's model less desirable in the eyes of some, but a good deal in the eyes of bargain seekers.
Special Dates - There are times in the year and month when buying a new car yields the best savings. The day after Thanksgiving, known as Black Friday, is considered to be the best day to buy a new car according to a report by The Auto Writer. While shoppers have Christmas on their minds, car dealers know that the best chance of siphoning after mall bound sales is by discounting their inventory smartly. Also, consider buying your car at the very end of the month. That's because car dealers are often given incentives by manufacturers when they sell "x" number of vehicles in any given month.
Own Financing - If you're offered the choice of taking low-rate financing or a cash rebate, take the latter if you can match or beat the rate being pushed by the car manufacturer's financing arm. Even a small percentage difference in the financing rate may not make much of a difference if the "cash on the hood" is significant.
Buy Used - If the thought of spending $25,000 or more on a new car bothers you, you're not alone. There are many very good low mileage used cars on the market; choose those which are considered "certified used" and backed by the manufacturer. Also, consider a company such as CarMax for your late model used car if you want a decent alternative to the typical used car dealer lot.
Lastly, you may want to become "brand disloyal" by seeing what the competition has to offer. In some segments, such as midsize sedans, the competitive market means that deals can be had if you're willing to cross party lines.
Matthew C. Keegan is a freelance writer who resides in North Carolina. Matt is a contributing writer for Andy's Auto Sport an aftermarket supplier of quality parts including body kits and Honda parts.
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Very good..does not include every possible method
