Mid-winter is a great time to buy a new (or new-to-you) car, truck, van or SUV. You can test drive in more challenging conditions and auto dealerships are eager to post sales during months when the average consumer stays snug at home. To get the very best deal, however, steer clear of these easy blunders.
Mistake #1 – Waiting until the New Year
“Between Christmas and New Year’s is absolutely a dead, dead time at the dealerships,” says Lauren Fix, automotive author. Salespeople will make more aggressive cuts during this week than any other time of the year. It’s worth your while to car-shop when everyone else is returning unwanted sweaters!
Mistake #2 – Buying last year’s model
While experts usually advise that you can get a better price on the still-new models from the previous year, the savings may not be worth it by the very end of the year. Why? The number one cost that new car owners face is depreciation, and the 2011 model already has a year’s worth of depreciation. If you buy a new car every two to three years, consider this year’s model instead.
Mistake #3 – Financing at the Dealer
It’s sleeting, and the last thing you want to do is make another stop on your car-buying journey. Don’t! But don’t let the dealer talk you into high-interest financing either. Call our friendly Loan Officers and let us help you complete a quick application or use our “Apply for a Loan” link on the left. Credit union financing is consistently the lowest cost option. Better yet, use our Auto Resource Center BEFORE you go shopping. You’ll find discount pricing options, research tools, and an easy way to get your loan pre-approved.