Written by Rachel Grier on January 23, 2018
The beginning of the year is a great time to purchase a new vehicle, and since 2018 has just begun, now is the right time to start looking for your next car or truck. It’s a strong buyers’ market, so sellers are offering an abundance of deals, making right now an even better time to buy. Besides that, financing, rebates and trade-in values are better than ever. Although it’s a great time to purchase a new vehicle, it’s not necessarily an easy time to purchase one. Car dealers are aware that the market isn’t in their favour, which is making many extra cautious when it comes to wheeling and dealing with buyers. So, if you want a great deal, you’ll need to be prepared. Below are four tips for getting the best deal on a new vehicle in the new year.
Research the Car Dealers
It’s important to do your research before making any purchase, especially one as important as buying a new car. Today, most research starts online. There are many websites that feature reviews of car dealers and their dealerships. These websites are a great place to focus your research, but word of mouth is also a good choice. Ask your friends, family and/or mechanic for recommendations. Your friends and family can provide honest feedback on their past experiences with car dealers, and your mechanic can provide an expert opinion. In fact, any good auto mechanic Edmonton has to offer should be an excellent source of information about car dealerships and their vehicles.
Shop Around for Quotes
Many car dealers offer online quotes, so you’ll know before you go. Knowing what price point to expect can help you narrow down your vehicle options and choose the right dealer. It’ll also give you the upper hand during negotiations and a greater chance of securing the best price. However, knowing the invoice price or the price the dealer paid for the car will give you an even greater advantage. Note: The invoice price is vital information to have. In the end, remember to obtain quotes from several dealers before making a final decision.
Find Your Own Financing
Although, now is the time to get a great deal on a new vehicle, dealers are hesitant to hand out those deals. Banks provide dealerships with excellent interest rates, but those rates are often marked up by the dealer, meaning they profit while you pay more. Getting your own financing from a local bank or credit union will ensure you get the best interest rates possible. Once you’ve secured the financing, just present the offer to your car dealer and ask for the same or better rates. On the other hand, if the dealer is offering promotional rates, such as a zero percent annual percentage rate (APR), then there’s no need to secure your own financing.