Why the end of the year may be a great time to save on car buying.
If you’re already experiencing cold weather this time of year, chances are a pleasant road trip may be the last thing on your mind. But, if you need to buy a car before the end of the year, you may be timing it just right. Here’s why.
This time of year may be crunch time for dealerships and car makers when it comes to meeting or exceeding their annual sales figures. That means, if you shop around, you may find good deals from sellers willing to strike a bargain to boost their sales figures.
This year’s model becomes last year’s model.
It’s also the time of year when many dealerships want to get their 2017 inventory off the lot to make way for the 2018 models. Especially if the differences between the two models is minimal for you, this is a great time to negotiate.
Cash or credit?
If you’re fortunate or disciplined enough to have the savings to pay for a new car in cash, dealers may give you an even better bargain so they can have those revenues count for 2017.
And if you’re financing your vehicle, interest rates are still near historical lows. So, if you’re deciding whether to buy this year or the next, buying this year may be a good choice given the uncertainty of how interest rates may change going forward.
Don’t lose sight of the basics.
If you do have a need for a car now, make sure you have enough saved up and that your credit health is good enough to get the financing you think you’ll need. Because, while that winter road trip may sound enticing now, waiting until your finances are in shape may be a better move. Summer road trip, anyone?
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