The best day of the year to buy a car
Dealers are anxious to clear the lot and meet sales targets at the end of the year.
This post comes from Allison Martin of partner site Money Talks News.
You're in luck, as New Year's Eve is right around the corner. "The last day of the year is going to be the day that a consumer is most likely to get the best possible value when buying a new car," Alec Gutierrez, senior analyst at Kelley Blue Book, told MarketWatch.
Dealers have annual sales targets to meet and excessive inventory to clear off their lots in return for the hefty bonuses that manufacturers dole out. And they will do whatever it takes to reach their goals.
Among the perks offered to entice consumers to buy before the end of the year are cash rebates, cut-rate financing and lease deals, notes Forbes.
In most cases, the 2013 models will offer the most incentives, as dealers want to make room for the newly designed 2014 models. However, the options may be limited because eager consumers who have already snatched up the most fancy and visually appealing models have left you with little to choose from, says Forbes.
On the other hand, this isn't such a bad thing as it strengthens your case for bargaining with car salesmen even more. Their trash, or excess inventory, is your treasure.
Not sure which automakers offer the best incentives? Forbes suggests that you start with General Motors, Ford, Chrysler, Nissan and Volkswagen, which are offering the most appealing deals on 2013 models.
Before you head out to the lot on New Year's Eve, check out our car-buying tips to ensure you get the best deal on your new ride.
Most importantly, keep in mind that the final sales price is ultimately determined by what you are willing to pay. If the dealer doesn't agree to your terms, simply walk away.
Do you plan to head out on New Year's Eve to purchase a car?
More on Money Talks News:
If you listen to the ads, everyday is the best day. But, for me, yesterday was the best day. So, I have missed it already. So, sinice I have missed yesterday to buy a car, I think I will just wait until yesterday comes back.
Buy a left-over 2013?
You better get a GREAT deal and drive it forever as any 2013 vehicle is now worth about 70% of its sticker price!
I bought a brand new Nissan for my daughter when she was home for Christmas one year. There was a substantial year-end rebate being offered and we went in on the next to last day of the year when I knew they were anxious to make a deal.
It's the only time I ever bought new and I know I did well.
Apart from that one time I avoid new car dealers like the plague and instead take my business to a dealer in town who sells top-end late model used cars and doesn't try to rip you off with bogus fees and add-ons.
I not only save $$$ but my valuable time as well by not playing their stupid games....
This article is about 14 years behind. The "carryover" monies have long been gone. The rebates now are about the same as they were in Memorial Day sales. The only difference is that the 2013 inventories are low. The dealership I work at has had 2014's since March. The old rule of thumb that the new models come out in Sept/Oct and therefore the dealers need to move to previous year is old news.
This article is just another misinformed media attack on the auto industry.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Tired of your wallet taking a beating at the grocery store? Here are some creative ways to save big on food costs.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'