Are you sure that Black Friday a good time to purchase a car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing authentic and objective content, by enabling you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies who pay us. This compensation could affect how and when products are featured on this site, including for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not consider the entire universe of businesses or financial deals that could be open to you. martin-dm/Getty images
3 min read Published November 21 2022
Writer: Rae Hartley Beck Written by Contributing writer Rae Hartley Beck is a writer and editor with over an eight-year experience within personal finances. Her work has most recently appeared in Bankrate, MoneyWise and Investopedia. Rae specializes on credit card reward as well as investing, real estate, home improvement, lending and financial guidance for millennials Gen Z, Gen Alpha and their parents. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate guarantee
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Black Friday could be a good time to buy a car — if you can manage to find a deal on the car you’d like to purchase . There are more people shopping for cars than they are available, so steep discounts may be hard to find.
Black Friday car deals vary by manufacturer Black Friday deals on cars are usually announced and set at the manufacturer level however local dealerships and large regional chains may offer their own deals. Black Friday deals on cars typically concentrate on financing, credit and lowered prices. Financing deals , also known as financing deals, are one of the most frequent Black Friday car deals. These deals are typically backed by the manufacturer – Chrysler Capital, Toyota Motor Credit Corporation, Ford Motor Credit Company and the like. The most frequently advertised deals offer no down-payment, and there are no monthly payments for a longer period. All financing deals are only available on approved credit. In general, the better the financing deal offers, the better your credit score to be eligible. The deals usually come with the equivalent discount of a dollar off in the event that you decide not to opt for promotional financing. If you’re looking to finance your vehicle, you may prefer to take the extra money off of the price of the sale. Offers that aren’t financing-related Some manufacturers and dealers will offer a specific amount off of the Manufacturer’s Recommended Retail Price (MSRP) on Black Friday. They may also announce that they’ll give you a greater dollar amount for qualified vehicle trade-ins. Higher trade-in values lower the amount you’ll have to pay sales tax for the vehicle you’re buying that can be as high as 11.45 percent, depending on your state and city. Leasing deals In addition to buying deals, Black Friday car shoppers are also able to benefit by leasing discounts. If you decide to lease, you could be able to get lower monthly payments, lower amount of money to pay, or even higher mileage limits with a Black Friday promotion. Black Friday might not be the best time to buy The chip shortage that initially was a major factor in the availability of cars is beginning to slow down, but that does not mean that cars are as readily available like they were prior to the outbreak. Car inventory is still low and this makes it an . If you’re not sure of the exact model, make and trim you want, you may have to wait for months on a waiting list. If you’re firmly committed to one particular car and it must be ordered, the dealer has little incentive to offer you a deal on Black Friday. If you’re open to different types of makes and models it is possible to get better deals around Christmas or New Year’s Eve as opposed to Black Friday. The current car buying climate In addition to general inventory shortages and a general lack of supply, the current market is not ideal if you plan to finance a vehicle. If you’re not able to pay cash, you’ll pay significantly more in interest to purchase the car you want today than in 2021. When a car buying may decrease, and dealers may be more motivated to reduce costs. The interest rates are also likely to be reduced to combat the effects of a recession. If you don’t need an automobile, you might prefer to stay clear of Black Friday car sales this year, and continue to save cash. Even if interest rates stay high it’s possible to put more money down and cut down on the cost of financing. Prequalify before heading to the dealer if you require financing for a vehicle. This will help you get an idea of your budget and the price range. Bring to the dealership with the best knowledge you can. You may find that you qualify for competitive rates of interest through an online bank or . This could give you the opportunity to negotiate a lower purchase price if you don’t need to chase after any specialty promotional financing the dealership is offering. You can quickly determine what car you can afford and and interest rates across multiple lenders by using our prequalification tool. It takes only a few minutes and won’t hurt the credit rating. Bottom line: If you need a car soon and you are willing to be willing to be flexible Black Friday deals can be located. But don’t expect to find them as attractive as they were pre-pandemic. If you can wait to see what happens, you might find better deals at the end of the year or in the next year when inventory increases.
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Written by Contributing writer Rae Hartley Beck is a editor and writer who has more than eight years of experience in personal finances. Her work has most recently been published in Bankrate, MoneyWise and Investopedia. Rae is a specialist on credit card reward and real estate investing as well as home improvement, loans and financial advice 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 since late 2021. They are dedicated to helping their readers to manage their finances with clear, well-researched details that cut complicated topics into digestible pieces.
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