How To Make Sure You’re Getting a Good Car Deal on Black Friday
Jane Lu
· 4 min read
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It was hard to
buy a car
earlier this year due to renewed consumer demand and the chip shortage. As a result, used car prices skyrocketed and deliveries of new cars were delayed. You couldn't find any good car deals back on Labor Day, which historically features major price cuts and discounts. With such a grim forecast, many weren't even sure that Black Friday sales would happen this year. Fortunately, automakers have already rolled out their month-long deals well before November 26. However,
CarsDirect
says to be on the lookout for misleading manufacturer incentives.
Do similar deals already exist?
Automakers know that customers have saved up a lot of money throughout the year for expensive purchases. The majority of buyers aren't paying attention to car deals that are available in the other months of the year. All the dealerships have to do is push the offers they've already had to attract interested shoppers.
Some automakers advertise pretty good deals, but you can find better ones with minimal research. For example, customers in some states can get a Ram 1500 with 0% APR for 84 months. However, the only deal that FCA is advertising as a Black Friday deal offers 0% APR for just 72 months.
Dealers are also notorious for re-introducing rebates as a Black Friday deal to entice shoppers. Chevy is offering a seemingly new Cyber Cash incentive, which is a $500 digital coupon. It looks great until you realize that Chevy lowered its existing rebates to make Cyber Cash the best one available.
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MORE: Should You Buy a Car From an Online Dealership?
You're probably familiar with seeing phrases like "don't wait" or "today only" in Black Friday advertisements for other retailers. Black Friday for car dealerships is a little different, and that's a good thing. Instead of only offering sales on one day, Black Friday deals are usually valid throughout the entire month.
December promotions are also quite popular to clear out the remaining yearly inventory. Of course, we might see fewer of these considering
all of 2021's shortages
. Even in the "worst-case" scenario, you've still got an entire month to decide which car you want. That also gives you plenty of time to thoroughly research promotions and weed out the new deals from existing ones. Expand your options to find cheaper cars
You can often get an even better deal if you decide to buy a model that isn't in great demand.
MotorBiscuit
reveals that Toyota cars are big sellers this year, and subsequently don't have the best discounts. Dealers already know these models will move regardless of price.Dealers are more likely to accept lowball offers and negotiate on stock that hasn't attracted much interest in months. Remember that Black Friday is also near the end of November, and sales reps are very conscious of their looming quotas.
Should you figure out financing before seeing the car?
Many dealerships are offering 0% financing right now, but only to "well-qualified" buyers. If you don't meet those criteria, you'll have wasted all that time researching deals for a car that you can't even get. Knowing your credit score and the likelihood of approval beforehand speeds up the purchasing process.
If you plan on trading in a vehicle, you’ll want a good understanding of its value so that you can make realistic negotiations with the dealership. Chances are that the car you want is being watched by a few other pairs of eyes, especially during sales events. It might slip away if you spend too much time trying to hammer out the most lucrative trade-in deal.
After you've found the perfect Black Friday deal, it's time to find the best insurance. Sign up with
Jerry
to browse the cheapest rates for any make and model. The app will compare quotes from 50 top providers to get you the best deal on coverage.
