Is Black Friday a good time to buy a new car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing authentic and objective content. This allows you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other products for home loans. However, this compensation will affect the content we publish or the reviews that appear on this website. We do not consider the universe of companies or financial deals that could be available to you. martin-dm/Getty images
3 min read Published November 21, 2022
Rae Hartley Beck Written Rae Hartley Beck Written by Contributing writer Rae Hartley Beck is a editor and writer with more than 8 years experience working in personal finance. Her writing has appeared in Bankrate, MoneyWise and Investopedia. Rae specializes on credit card reward and investing, real estate, home improvement, lending and financial tips for millennials, Gen Z, Gen Alpha and their parents. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers to control their finances with concise, well-researched and accurate facts that break down complex topics into manageable bites. The Bankrate promises
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Black Friday can be the perfect time to purchase a car — in the event that you are able to find a deal on the car you’d like to purchase . There are more people shopping for cars than there are available, so steep discounts will likely be difficult to snag.
Black Friday car offers vary according to the manufacturer. Black Friday car deals are usually announced and set at the manufacturer level However, local dealers and large regional chains may also run their own offers. Black Friday deals on cars typically concentrate on financing, credit and lowered prices. Financing deals Financing deals are one of the most common Black Friday car deals. They are typically offered by the company that makes the deal — Chrysler Capital, Toyota Motor Credit Corporation, Ford Motor Credit Company and the like. Frequently advertised deals include $0 down-payment and no payment for a long time. All financing deals are only accessible to those with credit approval. The more favorable the deal, the better your credit score is to be able to qualify. The deals usually come with an equivalent discount in dollars if you opt not to go for promotional financing. Even if you’re planning to finance your vehicle then you might prefer to take the additional money off the price of the sale. Offers that aren’t financing-related Many manufacturers and dealerships will offer a specific amount of money off the Manufacturer’s Suggested Retail Price (MSRP) on Black Friday. They will also advertise 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 in sales tax for the vehicle you are purchasing and could be as high as 11.45 percent, depending on your city and state. Leasing offers In addition to buying deals, Black Friday car shoppers can also benefit from leasing offers. If you choose to lease , you may get lower monthly payments, lower amounts of money, or greater limit on mileage through an Black Friday promotion. Black Friday isn’t the ideal time to purchase a car. The shortage of chips that had a massive impact on car availability is starting to slow down, but that does not mean that cars are accessible like they were prior to the outbreak. There is a shortage of vehicles and this makes it an . Depending on the specific model, make and trim you want, you may still be facing a months-long waiting list. If you’re very set on a specific car and it must be ordered, the dealer has little incentive to offer an offer for Black Friday. If you are open to different types of makes and models, you may be able to find better deals during New Year’s Eve and Christmas as opposed to Black Friday. The current car buying climate Along with general shortages of inventory, the environment isn’t favorable if you plan to finance your car. If you don’t have cash, you’ll pay significantly more in interest to purchase an automobile now than you would have in 2021. When a car buying may decrease, and dealers may be more motivated to reduce prices. Interest rates are also likely to be cut to combat the effects of a recession. If you don’t urgently need the car, you might prefer to stay clear of Black Friday car sales this year and keep saving cash. If interest rates remain high it’s possible to put more money down and cut down on the cost of financing. Prequalify before heading to the dealership if you need to finance a car will give you an idea of your budget and price range. Come to the equipped with the best knowledge possible. You might find that you are eligible for competitive interest rates by using an internet bank . This can give you the opportunity to negotiate a cheaper purchase price, if you don’t need to hunt for any specific promotions that the dealership might be offering. You can quickly find out the amount of car you are able to afford and and interest rates across a variety of lenders by using this prequalification instrument. It only takes a few minutes and won’t harm the credit rating. The bottom line is that if you need a car soon and you are willing to be flexible, Black Friday deals can be located. But don’t expect to find them as attractive like they were before the outbreak. If you’re patient, you may be able to find better prices at the close of the year or next year when inventory increases.
Written by a contributing writer Rae Hartley Beck is a editor and writer who has more than 8 years experience working in personal finances. Her work has most recently been published on Bankrate, MoneyWise and Investopedia. Rae is a specialist on credit card reward, real estate, investing and home improvement, lending and financial advice for millennials, Gen Z, Gen Alpha and their parents. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to take control of their finances by providing clear, well-researched facts that break down otherwise complicated subjects into bite-sized pieces.
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