6.6.20

For the best new car deal, time it right

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Consumers auto loans

If it’s time to hit the highway in a new set of wheels, an auto loan from Consumers can help you reach your destination! We’ve got some of the best auto loan rates and affordable payment options across Lower Michigan.

Learn more

If a new vehicle is in your future, choose a time when you’ll get the best deal.

Depending on your point of view, buying a new car can be exhilarating or stressful. One way to add to the thrill or reduce the angst is to time your purchase so you get the best deal. Here are tips to help you time it right.

Pay attention to the day of the week

You know how you try to fit as much activity as you can into a weekend? So does everyone else, including car shoppers. Shopping early in the week (Monday/Tuesday/Wednesday) when there are fewer shoppers means you can get more of a salesperson’s time and more opportunity to negotiate favorable terms.

End-of-month is a good time for deals

Salespeople have quotas they need to meet each month. If you wait until the last days of the month to buy a car, they’ll be feeling the pressure to hit their numbers. This motivation can result in a better deal for you.

Wait for next year’s models to arrive

Dealers bringing in 2021 models need to get rid of their older inventory. Even though 2020 will be considered old stock, you still get a brand-new car. If you can live without having the latest features, wait until spring or summer when the next year’s models arrive to buy the current year’s model at a discount.

Take advantage of holiday sales

Dealers and manufacturers often offer special deals and incentives on certain holidays. According to Bankrate, Memorial Day, Black Friday and New Year’s Eve are some of the best days to get discounts. Keep in mind, lots of other people will be trying to get these deals, too.

Cars undergoing redesign or to be discontinued

Manufacturers often transform existing models with significant redesigns. If you don’t mind being behind the pack in terms of design, buy the older design for less money.

Also, cars that are slated to be discontinued offer opportunities for buyers to get a good deal. A discontinued model is not usually a reflection of performance or reliability; often it’s just lack of a large enough market to make the model profitable for automakers.

Shop before you actually need a new car

Don’t wait until your current car leaves you stranded to shop for a new car. In that situation, you won’t have the advantage of timing your purchase and you may have to settle for a vehicle that’s not your first choice.

A word on purchase price

Have a number for the total price of the car in mind before you head into a dealership. Some salespeople highlight low monthly payments that drive up total costs because the length of the loan is so long.

To find out how much you can really afford, check out a Consumers auto loan online or talk to a one of our loan officers at 800.991.2221.

Consumers provides banking services for more than 100,000 members. If you have auto loan questions, call us at 800-991-2221. We make it easy to bank how you want, when you want. During the coronavirus confinement, we’re available online, by phone, and by appointment at select offices equipped to maximize safety.

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Consumers auto loans

If it’s time to hit the highway in a new set of wheels, an auto loan from Consumers can help you reach your destination! We’ve got some of the best auto loan rates and affordable payment options across Lower Michigan.

Learn more

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