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Monday, July 15, 2024

How to Find Deals Amidst Spiking Car Prices

Many Americans received incredible deals on new vehicles thanks to the government’s Cash of Clunkers program. On the other hand, if you purchased a car last month you probably paid more than you should have.

Consumer prices for new cars increased 1.6% in October, the biggest increase since May 1981 according to the Department of Labor. Used car buyers were worse off paying 3.4% more than the previous month. Fortunately, smart car buyers can still find bargains between now and the end of the year.
  • Though 2009 inventory may be low, dealers are still likely to be offering special incentives to make room for 2010 models.
  • Shop low demand vehicle styles such as mid-size cars and large trucks.
  • Skip the mall on Black Friday, dealerships are likely to offer big incentives to reach end-of-the-month sales quotes and keep sales numbers up over the holidays.
  • Consider end-of-design cycle models, more buyers will be waiting for the updated version leaving you big discounts on the old.
  • Look to Ford, Nissan and Toyota, all offering higher than average discounts. For example Ford is currently offering 0% APR financing with $1,000 cash back. Nissan is offering $2,000 cash back on the Sentra. If you’re looking to lease Toyota is offering many low cost offers expiring the end of the month.
Most importantly, shop around. Despite current high prices there are deals to be found. Request price quotes, compare models, and research available rebates and incentives.