The holidays are just around the corner! If you’re in the market for a new car, the end-of-year holidays may be the best time to get behind the wheel for a great price.
With plenty of holiday promotions and car commercials coming your way, Guthrie Community Credit Union put together a few tips for getting the best deal possible without being rushed into a purchase. Keep reading for our tips on navigating the most wonderful time of the year for car buying.
1. Decide If The Holidays Are the Right Time
Why are the months of November and December often considered the best time of the year to buy cars?
The short answer is that dealerships are most incentivized to sell cars at the end of the year. Dealerships want to avoid going into the new year with an inventory full of models that will depreciate in value. The holidays are also when sales departments are eager to meet end-of-year quotas.
So now you know! There are more car commercials and deals during the holiday season because dealerships want to clear their inventory and make one final sales push for the year.
2. Do Your Research
Doing your car buying research is especially important during the holiday season.
The holidays are often considered the best time to get a great deal on a car because of the promotions and advertising. But you still want to make sure the deal you’re getting is as good as it seems – and that it’s available for the make, model, and color of car you want.
Be sure to read the fine print so you aren’t rushed into buying! Sometimes, deals you can get any time of the year are promoted as limited-time holiday promotions. You should also be aware that dealerships might run holiday promotions on preowned cars, even if their advertising only focuses on new cars.
3. Get Preapproved
Once you decide on a car and research promising holiday promotions, it’s time to get preapproved for an auto loan!
Setting aside some time to get preapproved will help you shop with confidence, so you can focus on test driving your new car, negotiating, and closing a deal you’re satisfied with. And many banks and credit unions allow you to apply for a loan or get preapproved online.
Here at Guthrie Community Credit Union, you can apply online for the auto loan amount you feel you’ll need and take advantage of our competitive rates and flexible terms. Once you get preapproved, you’re ready to head to the dealership!
Want to go in with even more knowledge? See today’s rates here and use this handy loan calculator to get an idea of how much you can expect to pay each month.
4. Time Your Shopping Right
November and December are the height of the car buying season. So the time and day you choose to go into the dealership may be the difference between a hectic experience and a fast, productive one.
You can expect dealerships to be the busiest on the weekends. To avoid long wait times and have the first pick of the inventory, consider going to the dealership on a weekday or going as soon as it opens on the weekend.
Going earlier or later in the holiday season is also a smart move! Going early in November will give you more options and help you avoid crowds, while going around New Year’s might result in better deals on any of last year’s remaining inventory.
Get Behind the Wheel Faster with GCCU.
GCCU is here for every step of the auto loan and car shopping process.
We also offer a Payment Saver Auto Loan option, which is similar to leasing – but you actually own the car and get up to 40% lower monthly payments than a conventional auto loan. You can decide to turn in the vehicle or refinance the remainder of the loan if you decide to keep it.
Like your car but not your monthly payments? We have an option for that, too. Refinance your auto loan with GCCU to keep your ride and trade in your monthly payments with our flexible terms and competitive rates.