Why Black Friday is a Great Time to Buy a Car
Black Friday has grown in popularity among car buyers because of the combination of dealer incentives, end-of-year sales quotas, and manufacturer discounts. Many dealerships are eager to clear out old inventory to make room for the next year's models, which means you can find significant savings. Manufacturers often offer rebates, financing offers, and special leasing terms, making it a competitive time to purchase a vehicle.
Here are a few reasons why Black Friday is worth considering for your next car purchase:
- End-of-Year Clearance: Dealerships are looking to move their inventory before the year-end. The newer model year cars are arriving, and older stock often comes with significant discounts.
- Manufacturer Incentives: Many manufacturers roll out holiday-specific rebates, cashback offers, and low-interest financing during the holiday season to boost sales.
- Competitive Discounts: With the push for sales volume and the upcoming shift to the next model year, dealerships are motivated to offer their best deals to get cars off the lot.
- Better Financing Offers: If you have good credit, you may be able to lock in lower financing rates, which could make your monthly payment more affordable.
Popular Car Deals to Look for This Black Friday
Here are some of the best types of deals to keep an eye out for in 2024:
- Cash Rebates: Many car manufacturers offer cash rebates on select models. Rebates can range from a few hundred dollars to several thousand, depending on the model and manufacturer. You may also find specific rebates for different buyer groups, like military members or recent graduates.
- Low APR Financing: Some dealerships may offer low or 0% APR financing, especially on select vehicles or for well-qualified buyers. This can significantly reduce the total cost of financing a car over time.
- Lease Deals: Leasing a car on Black Friday can be a particularly attractive option if you want a lower monthly payment. Expect limited-time deals, such as no money down or the first month's payment waived.
- Used Car Discounts: Used car prices have been fluctuating in recent years, but Black Friday sales often bring substantial discounts on pre-owned vehicles. Many dealerships offer special promotions on certified pre-owned cars, which have been inspected and come with warranties.
- Trade-In Offers: If you have an old car to trade in, Black Friday can also be a good time to maximize your trade-in value. Many dealers offer increased trade-in values during sales events, and the holiday season can bring competitive offers.
Best Cars for Black Friday Deals
While deals can vary by location and dealership, here are a few types of cars that typically have great Black Friday deals:
- Sedans: Popular sedans like the Honda Accord, Toyota Camry, and Hyundai Sonata often have substantial rebates, low financing rates, or lease specials during Black Friday sales.
- SUVs and Crossovers: SUVs continue to be in high demand, but models like the Toyota RAV4, Honda CR-V, and Ford Escape may still offer attractive deals during Black Friday promotions.
- Trucks: Full-size and mid-size pickup trucks are often featured in Black Friday offers, especially American-made brands like Ford (F-150), Chevrolet (Silverado), and Ram (1500). Expect cash rebates and favorable financing on these models.
- Electric Vehicles (EVs): EVs like the Tesla Model 3, Chevy Bolt, and Ford Mustang Mach-E may also have holiday discounts, especially as automakers work to expand their EV sales.
Final Thoughts
Black Friday is one of the best times to buy a car if you're looking for deals. With a combination of year-end clearance events, manufacturer rebates, and special offers on financing and leasing, car buyers can save hundreds—or even thousands—of dollars on new or used vehicles. To maximize your savings, make sure to do your homework, shop around, and be ready to negotiate. Whether you're in the market for a sedan, SUV, truck, or electric vehicle, Black Friday can be the ideal time to drive away with a great deal.