What can you expect for car sale deals from car dealers and auto manufacturers this Memorial Day? The key to finding the best car deal this Memorial Day 2012 Holiday Summer sales event launch is three things: 1. Have realistic expectations of discounts, rebates, interest rates, incentives and trade-in values. 2. Have at least a Cash down Payment of $2000 or more. 3. Have a FLEXIBLE attitude toward the Car Model, Option, and Color. So what does this mean when you are buying a new or used car this Memorial Day holiday? #1. The Great Recession has taught everyone, especially car makers to keep inventories at thin to on-demand levels, thus reducing the need to entice the consumer to buy their over-stocked cars. In addition, the cost of making and importing many models made overseas where the dollar is at a low value, means the profit margins on these imports has been reduced. Thus, less discounting and fewer, smaller rebates. On many HOT car models there are NO REBATES unless you currently drive a specific competitive model or are an existing=brand loyal client. For example: You drive a Toyota Camry and want to purchase a Hyundai Sonata or KIA Optima which are direct competitors of the Camry, so maybe there is a small rebate between the companies. The point is, forget the thousands of dollars in BIG rebates and discounts of yesteryear, UNLESS you are considering a 2011 model, soon to be discontinued model, slow-selling, gas hogging vehicle or one with poor safety or reliability ratings. (**HINT HINT you don’t want it even with big price cuts.) #2. Have some cash down or a trade-in valued at $2000 with a clear title. Banks do not want to finance dealer and state fees, taxes and extra add-ons like warranties and Lo-Jack. Come to the dealership with cash/check/credit card and/or the title. The lower your credit score, the MORE CASH DOWN you will need. NO JOKE, be prepared to answer more questions about personal credit information and talk to the bank for verification of your auto loan BEFORE final approval. Great credit or not, the auto loan banks are scrutinizing every auto loan equally. #3. Perhaps the hardest thing to overcome this Memorial Holiday car sales weekend will be the limited selection. NEW CARS: For HOT models, the dealers will have one or two of each car, if you are lucky. Recently a client went to see a KIA Optima only to find the dealer had only one in stock. Not one of each option package, ONE period. Whether you are shopping online and calling to ask if that car is in stock, be prepared to have some salespeople say, sure it’s here, only to find it GONE when you arrive. If it’s a holiday weekend, on a hot model, yes, they can sell that fast. SO my tip to you this holiday car buying season… If you find a car you like, (especially a hot model) at a price you can afford, and you NEED to make the purchase in less than 90 days, BUY IT. That doesn’t mean you shouldn’t try to negotiate, go ahead and haggle if you like, but be realistic given these examples and suggestions. Don’t waste your time or theirs haggling over a few dollars and the loss of a day off, because there is a high likelihood, the car you are discussing won’t be there when you come back the next morning, because the people who test-drove it the night before are back to take delivery while you are driving to the next lot. *** If you can afford and have the patience to wait upwards of 90-120 days, considering ordering a 2013, when things will hopefully improve for global auto parts manufacturing and dollar values worldwide. USED CARS: Everything pre-owned is still over-priced, as limited trade-ins and a drastic reduction in off-lease and fleet returns have serious affected the availability of mid-priced 3-5 year old used cars. The 6+ year old trades are more often junk, wrecked or high-mile worn out beyond re-saleable. The good thing is if you are trading a nice, clean, well-maintained 3-6 year old car, you will get top dollar on your trade-in plus the tax credit!
Memorial Day 2012 Car Sales Deals: 3 tips
By Michelle Farino|2012-05-10T22:37:20+00:00May 10th, 2012|Acura, Audi, Auto Loans, BMW, Chrysler, FINANCE: Loans-Lease-2nd Chance, Ford, Honda, HYUNDAI, Jaguar, Jeep, KIA, Lexus, Mercedes-Benz, Nissan, Porsche, Toyota, VW, Women Car Buyers|Comments Off on Memorial Day 2012 Car Sales Deals: 3 tips