Is Black Friday a good time to buy a car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home loan products. But this compensation does affect the content we publish or the reviews that you read on this site. We do not include the entire universe of businesses or financial offers that may be open to you. martin-dm/Getty Images
3 minutes read. Published November 21 2022
Rae Hartley Beck Written Rae Hartley Beck Written by Contributing writer Rae Hartley Beck is a editor and writer who has more than an eight-year experience within personal finance. Her writing has recently been featured on Bankrate, MoneyWise and Investopedia. Rae is an expert with credit card points, investing, real estate and home improvement, lending and financial guidance for millennials Gen Z, Gen Alpha and their parents. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate promise
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Black Friday could be a good time to buy an automobile — if you can manage to score a good deal on the car you’re looking for . More people are shopping for cars than they are available, so steep discounts may be difficult to get.
Black Friday car deals vary depending on the manufacturer. Black Friday deals on cars are usually announced and set at the manufacturer level However, local dealers and major regional chains might have their own offers. Black Friday deals usually focus on financing, credits and lower prices. Deals on financing Financing is among the most popular Black Friday car deals. They are typically offered by the manufacturer — Chrysler Capital, Toyota Motor Credit Corporation, Ford Motor Credit Company and similar. Most often, advertised deals include no down-payment, and no payments for an extended period. All financing deals are accessible to those with credit approval. Generally, the more favorable the deal offers, the better your credit score is to be able to be eligible. They usually offer an equivalent discount in dollars even if you do not opt for promotional financing. If you’re looking to finance a car then you might be better off and taking more money off the price of the sale. Non-financing deals Many manufacturers and dealerships offer a certain amount of money off the Manufacturer’s Suggested Retail Price (MSRP) on Black Friday. They will also advertise that they’ll offer a larger dollar amount for qualified vehicle trade-ins. A higher value for trade-ins lowers the amount you’ll have to pay for sales tax on the car you’re buying and can be as high as 11.45 percent, based on the state and city you live in. Leasing deals In addition to buying deals, Black Friday car shoppers can also benefit from leasing discounts. If you opt for leasing to lease, you could be able to get lower monthly installments, lower money down, or higher mileage limits with a Black Friday promotion. Black Friday might not be the best time to buy the chip shortage that originally was a major factor in the availability of cars is beginning slow down, but that does not mean that cars are easily available as they were before the pandemic. There is a shortage of vehicles making it a . Depending on the specific type, model, and make you want, you may still be facing a months-long waitlist. If you’re absolutely set on a specific car and it must be ordered, the dealer has little incentive to give you a deal on Black Friday. If you can be open to different brands models, styles and models and models, you might be able to get better deals around Christmas or New Year’s Eve than on Black Friday. Present conditions for buying a car Along with general inventory shortages it’s not a good time for those who plan to finance a car. Unless you can pay in cash, you’ll be paying significantly more in interest to purchase the car you want in the present than in 2021. Car buying is likely to decline, and dealers could be more incentivized to lower prices. The interest rates are also likely to be cut to help avert the recession. If you don’t urgently need a car, you may want to avoid the Black Friday car sales this year and save money. Even if interest rates stay high it’s possible to pay more down and reduce financing costs. Prequalify before heading to the dealership if require financing for a vehicle. This will give you a better picture of your budget and price range. Arrive with as much knowledge as is. It is possible that you are eligible for competitive rates of interest through the internet-based bank, or . This gives you the power to negotiate for a lower price for your purchase if you don’t need to hunt for any specific promo financing that the dealership may be offering. You can quickly find out how much car you can afford and and interest rates for multiple lenders using our prequalification tool. It takes only a few minutes, and will not harm your score on credit. The bottom line is that if you’re in need of a car quickly and you are willing to be open to change, Black Friday deals can be found. But don’t count on to find them as attractive as they were pre-pandemic. If you’re patient to see what happens, you might find more favorable prices towards the close of the year or in the next year when inventory increases.
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Written by a contributing writer Rae Hartley Beck is a editor and writer who has more than 8 years experience working in personal financial matters. Her work has most recently appeared within Bankrate, MoneyWise and Investopedia. Rae is a specialist in credit card rewards as well as real estate investing as well as home improvement, loans and financial guidance for millennials Gen Z, Gen Alpha and their parents. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers feel confident to control their finances with concise, well-researched, and clear information that breaks down otherwise complicated topics into digestible pieces.
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