Black Friday can be a great day to buy the vehicle of your dreams, but if you dive in unprepared, you’ll run the risk of some serious buyer’s remorse come Cyber Monday. If you’re thinking about going to fight the crowds on the busiest shopping day of the season, here are a few tips for buying a car on Black Friday.
Americans are convinced that Black Friday is about showing up early to a place like Walmart and getting an LCD TV at 50 percent off. That’s not really how it works when buying a vehicle though. The way you need to look at it is this; buying a car on Black Friday is no different than buying a car any other time of the year.
The closer it gets to Thanksgiving, people start looking for the best bargains on bigger purchases. That’s why companies spend thousands of dollars on advertising: and dealerships want your business. The dealers know the traffic will be higher and some of them even contract outside expert salespeople who maximize profit for the dealer. But while some of the dealerships may have extra salespeople on the floor and want you in and out quickly with a fair deal for your wallet, other stores take advantage of your time with the hope that you just take whatever deal they offer you.
Your best bet to take advantage of Black Friday is get started sooner. Avoid negotiating at the dealership. Do some due diligence and request a quote on your desired vehicle beforehand. Demand the dealer put everything in writing. Compare quotes between dealerships, and focus on the out-the-door numbers. Be careful of inflated back-end fees and overpriced accessory packages because often, dealers will hide those with a great discount. Leases can be a little more complicated, which is why it is even more important to shop deals from your computer.
Do yourself a favor and do the research ahead of time—even if that means taking some more time to buy. Unlike the newest toy or gadget or a two-for-one sale, a car is not something you buy on a whim. You won’t be missing out on any deals and chances are that whatever great price your co-worker got on Black Friday, you can come pretty close later with the end of year deals. Always remember that just because a car is “cheap” doesn’t mean it’s a good deal.
The internet makes car buying easier than it’s ever been and there aren’t too many things you can’t find out with a little bit of research. Always look up the approximate value of your trade, any available factory incentives or discounts, and dealer invoice cost. Always do your homework.
Now before you get all excited, remember on the best tips for buying a car on Black Friday: it’s not a deal if you can’t afford it. Many car buyers end up with bad deals simply because the owner ended up with a payment they couldn’t afford or say no to. You are responsible for your own finances. Make use of the free auto loan calculator apps out there and know what you can afford beforehand so you can spend wisely.