4 Tips You Need to Know About Buying a Car This Summer
Summertime is known for warmer temperatures and vacation getaways – and “blowout” car sales. You don’t always have to wait until Labor Day and those end-of-summer sales spectaculars to find a car deal you’ll like. An article at CUInsight lists the month of May among the four best months to buy a car, with Memorial Day weekend as the kick off to the “big sales event” season for car dealers from coast to coast.
If you’re looking for a car, here are four tips for summer car shopping:
Look for big rebates
According to Consumer Reports, car ads accelerate to a frenzy as dealers make room for the newest model year vehicles. So, look for big rebates and low-interest financing offers. However, check all the terms on dealer financing and compare it to what you can qualify for at a credit union like RBFCU.
Be willing to negotiate
Rebates typically are heavily advertised, but Consumer Reports also notes that dealerships may have hidden incentives from the automaker, giving sales managers a little more pricing flexibility. See if they can budge from their initial offer. It doesn’t hurt to ask.
Switch models if you can
US News and World Report identifies August as the sweet spot for non-luxury, current-year model vehicles. This article contends that you’ll get the best deals – sometimes shaving four-figures from the Manufacturer’s Suggested Retail Price – on models about to undergo significant redesigns. So, research what’s going on with the next year’s models, and be willing to look at a model of car you might not have thought much about previously.
Wait until the end of the month
Christmas time often is cited as a great time to buy a car. But Kelley Blue Book maintains that waiting for the end of the year is not necessary to enjoy the best wheeling and dealing from car salesmen. You might be able to get the deal you want at the end of the month, or the end of the quarter.
Auto loans are for qualified members only and are subject to credit review and approval. Some restrictions may apply. For complete details, contact the Consumer Lending Center.
This article is intended to provide general advice and should not be considered financial advice. Please consult a financial professional for more information.