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Do you think Black Friday a good time to buy a new car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies who pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages,, and other products for home loans. However, this compensation will affect the content we publish or the reviews that appear on this website. We do not consider the universe of companies or financial offerings that might be accessible to you. martin-dm/Getty Images
3 min read Published November 21 2022
Writer: Rae Hartley Beck Written by Contributing writer Rae Hartley Beck is a writer and editor with over 8 years experience working in personal financial matters. Her writing has recently been featured in Bankrate, MoneyWise and Investopedia. Rae specializes with credit card points and investing, real estate as well as home improvement, loans and financial tips for millennials, Gen Z, Gen Alpha and their parents. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing precise, well-researched, and well-edited information that breaks down complex topics into manageable bites. The Bankrate promise
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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict standard of conduct, which means that you can be sure that our content is truthful and precise. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content we create by our editorial staff is factual, accurate and uninfluenced from our advertising. We’re transparent regarding how we’re in a position to provide quality information, competitive rates and useful tools for you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and, services, or when you click on certain hyperlinks on our website. So, this compensation can impact how, where and when products are listed and categories, unless it is prohibited by law. This is the case for our mortgage or home equity, and other home loan products. Other factors, such as our own website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range can also impact the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every financial or credit product or service. Black Friday is a time for great deals and savings that are particularly important due to the recent rise in inflation prices. Car prices have risen 6.3 percent from last year and 42.5 percent in September 2022 , beginning February 2020 according to . If you’re looking to cut costs in the near future , and can be flexible across brands, Black Friday can be the perfect time to purchase a car. Are you sure that Black Friday a good time to purchase a car?
Black Friday is an ideal time to purchase a car — if you can manage to score a good deal on the car you’re looking for . More people are shopping for cars than they are vehicles available, and so huge discounts are likely to be hard to find.
Black Friday car deals differ depending on the manufacturer. Black Friday deals on cars are generally announced at the level of the manufacturer however local dealerships and major regional chains might offer their own deals. Black Friday deals on cars typically are focused on financing, credits and lowered prices. Financing deals Financing deals are one of the most frequent Black Friday car deals. They are typically offered by the manufacturer — Chrysler Capital, Toyota Motor Credit Corporation, Ford Motor Credit Company and similar. Most often, advertised deals include no down-payment, and no payments for a longer period. All financing deals are offered on credit that is approved. In general, the greater the value of the financing offer offers, the better your credit score to be eligible. The deals usually come with an equivalent dollar-off discount if you opt not to opt for promotional financing. If you’re looking to finance a car, you may prefer to take more money off the sales price. Non-financing deals Some manufacturers and dealers offer a certain amount of money off the Manufacturer’s Suggested Retail Price (MSRP) on Black Friday. They also sometimes advertise that they’ll give you a greater dollar amount for qualified vehicle trade-ins. A higher value for trade-ins lowers the amount you’ll have to pay for sales tax for the vehicle you’re buying that could be as high as 11.45 percent, based on your city and state. Lease deals Alongside purchases, Black Friday car shoppers can also benefit from lease deals. If you opt for leasing that you want to lease, you might be able to get lower monthly payments, lower money down, or higher mileage limits through a Black Friday promotion. Black Friday isn’t the best time to buy the chip shortage that originally was a major factor in car availability is starting to decrease, but it does not mean that cars are readily available like they were prior to the outbreak. There is a shortage of vehicles, which effectively makes it a . If you’re not sure of the exact model, make and trim you’re looking for, you could still be facing a months-long waitlist. If you’re absolutely set on one particular car and it must be ordered, the dealer has little incentive to offer the best price on Black Friday. If you’re flexible across different makes models, styles and models, you may be able to get better deals around New Year’s Eve or Christmas than on Black Friday. The current car buying climate Along with general shortages of inventory it’s not a good time for those who plan to finance a car. If you’re not able to pay in cash, you’ll have to pay more in interest to purchase the car you want now than you would have in 2021. Car buying is likely to decrease, and dealers may be more enticed to cut costs. Interest rates are also likely to be cut to combat the effects of a recession. If you don’t urgently need an automobile, you might prefer to stay clear of Black Friday car sales this year, and continue to save cash. If interest rates remain high, you’ll be able to save more money and reduce financing costs. Be sure to qualify before going to the dealer if you are looking to finance a car. can help give you more information about your budget and budget. Come to the equipped with the best knowledge you can. You might find that you qualify for competitive interest rates through an internet bank . This gives you the opportunity to negotiate a cheaper purchase price, If you don’t have to pursue any special promotions that the dealership might be offering. You can quickly find out how much car you can afford as well as the interest rates across multiple lenders by using the prequalification tools. It’s only a couple of minutes, and will not harm your score on credit. The bottom line If you’re in need of a car quickly and you are willing to be willing to be flexible Black Friday deals can be found. But don’t expect that they will be as good as they were prior to the pandemic. If you can wait, you may be able to find more favorable prices towards the close of the year or next year when inventory becomes more plentiful.
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Written by a contributing Writer Rae Hartley Beck is a writer and editor with over an eight-year experience within personal financial matters. Her writing has appeared within Bankrate, MoneyWise and Investopedia. Rae is a specialist with credit card points as well as real estate investing as well as home improvement, loans and financial advice for millennials, Gen Z, Gen Alpha and their parents. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to take control of their finances by providing precise, well-researched and well-documented facts that break down otherwise complicated subjects into bite-sized pieces.
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