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![]() ![]() If you're interested in a 2023 car model, you can probably save some money. Dealerships will be keen to sell their 2023 model year cars to make way for 2024 editions. If you’re willing to make some compromises, car shopping in December has other appeals, too. "Historically, car prices tend to drop at the end of the year as dealers strive to reach sales quotas," says Joe Pendergast, Vice President of Consumer Lending at Navy Federal Credit Union. There are also end-of-year sales goals, which makes December one of the best months to buy a car. Near the end of month, dealerships may be more willing to make a deal because manufacturers often have incentives for dealerships that sell a certain number of cars, and salespeople want to meet those goals. Winter holiday deals are often better than what's advertised around other car shopping holidays, experts say. You can use online calculators to determine which offer is better. Holiday sales events are going on, and car buyers will often have the choice between a financing deal or a cash rebate during these promotions. Traditionally, the weeks around Black Friday, Christmas and New Year’s are some of the best windows for buying new cars. Meanwhile, auto loan rates are depressing new vehicle sales, which means dealerships may be more willing to negotiate. First of all, inventory levels are getting back to normal as manufacturers increase production in the aftermath of pandemic-era supply shortages. There are several reasons why more deals on new cars are popping up. See Details Best time of year to buy a new car? "If you've held off so far, now might be a great time to start shopping," says Jeffrey Roach, chief economist at LPL Financial.ĭrive carefree into the new year by clicking below. There are cash rebates available on some models, and you may find that dealerships are willing to cut end-of-month or end-of-year deals. For example, if you can find a financing deal that reduces your rate to 2.9%, you would save about $4,000 in interest on a 60-month loan financing $40,000.Īlternatively, if you have the cash to make a sizable down payment, high loan rates don't affect you as much and you can benefit from the market being relatively slow. The average auto loan interest rate on a 60-month loan for buyers with credit scores of 740 or higher is 6.6%, according to Mark Pregmon, vice president of consumer lending at USAA.ĭiscounts and incentives can make car purchases more attainable for buyers. That’s $763 less than the record high of $48,516 at the end of last year. The average transaction price for new vehicles was $47,753 in October, according to Edmunds. Persistently high auto loan rates and high car prices are still obstacles to purchasing a new vehicle right now, but the market has stabilized and there doesn't appear to be any benefit in waiting longer to buy. “We’re also seeing a lot more 1.9% and 2.9% financing deals.” “We've seen a huge uptick in the number of incentives that manufacturers have started offering, everything from rebates to better lease deals to more financing deals,” Fidan says. The site’s founder, Gregg Fidan, monitors manufacturers’ websites to track financing deals, and he says things haven't looked this good in years. ![]() Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas See Details You can find good deals on new cars againĪlready, there are around two dozen vehicles with 0% APR financing offers from manufacturers, marking a major increase from the summer when there were only about 10, according to.
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