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Is there truly a perfect moment to buy a car? As it turns out, there most certainly is. In fact, the difference is so profound that new car incentives are 40% higher during the best time of the year to buy. Our team of Car Coaches, equipped with decades of combined experience, keeps a close eye on the auto market, and there’s no doubt about it—the best time of the year to buy a car has arrived.
It Pays to Be Patient
In today’s auto market, every dollar saved is magnified by interest rates that now average north of 8% for new cars, and nearly 14% APR for used cars. In other words, you’re not ‘just’ saving $5,000 on that new truck or SUV. You’re saving a lot more than that once the cost of borrowing money is factored in.
Think about the unfortunate predicament of EV, van, or truck buyers who drove home a new car in early 2023. Prices remained sky high earlier this year, but 11 months later, we’re in a different car market entirely. New car prices are down 3.5% in 2023 market-wide, but some segments have seen MUCH steeper price declines.
Retail EV prices have fallen 10% in 2023, and trucks, vans, and luxury cars have all seen similar price drops. The same Ford Mustang Mach-E or Ram 1500 that would have sold for 10% over MSRP months ago is now sitting on the lot for months at under invoice pricing.
Patience is a virtue that is handsomely rewarded in car buying. But you’re here looking for deals, so let’s get you some answers. When is the best time of the year to buy a car?
Year-End Deals Reign Supreme
In a perfect storm of downward pressure on car prices, the end of the year offers car buyers opportunities that reward patience. In December, automakers are pushing 2024 model year vehicles to dealer lots that are already full of 2023 inventory. On top of that, OEMs and dealers alike know that most folks wait until the end of the year to try and snag a deal. This results in the best new car sales of the year arriving all at once.
Anytime from now through December 31 is a great time to shop for new car deals. This year, new car sales are so attractive that used car prices could take a hit as buyers flock to new car lots. More on that here.
So, when is the best day to buy a car?
If you’re seeking the absolute best time to buy a car, look no further than the final days of December. It’s during this period that automotive manufacturers, dealers, and sales staff are highly motivated to achieve year-end sales goals. Their drive to negotiate stems from the fact that dealers receive year-end bonuses from manufacturers upon reaching annual sales quotas.
Factory-to-dealer incentives can translate into substantial income for dealerships. As a result, it’s common practice for them to offer enticing perks, including discounted prices, significant rebates, and special financing terms to customers.
These incentives not only benefit the buyers but also contribute to the dealership’s financial gains. Call it a win-win situation, something that’s all too rare in the automotive business.
Your Best Chance for a Deal Is Here
Every year, year-end car sales emerge as the most significant sales events of the year by a wide margin. Several automakers, especially U.S. domestics, currently grapple with an excess of inventory.
So, as we navigate through the final months of 2023, seize the opportunity to make the best car deal of the year. With motivations high and incentives even higher, you’re primed to make a purchase that leaves both you and your wallet smiling.
Free Car Buying Help For Everyone
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Year-end deals are finally upon us, but some offers are better than others. To bring clarity, our team has hand-picked the 5 best Ford yer-end deals in 2023. Click on any of the links to browse live inventory at pre-negotiated pricing. Delivery is available nationwide!
Let’s dig into the year-end sales that are worth your time.
Pre-Negotiated Ford Prices With Home Delivery? Yes! We Can Take It From Here.
Finance the 2024 Edge with 0% APR for 36 months, 0.9% APR for 48 months, 1.9% APR for up to 60 months, or 3.9% APR for 72 months. It’s rare to have so many low-APR options today. Plus, the Edge qualifies for a $1,000 cash bonus.
Finance the Mustang Mach-E for up to 48 months with 0% APR or 1.9% APR for 60 months. The Mustang Mach-E GT qualifies for $3,000 in cash incentives.
Lease a Mustang Mach-E Select for just $464/month for 39 months with $4,944 due at signing. Or upgrade to the Mustang Mach-E Premium for $492/month for 39 months with $5,372 due.
Lease a 2023 Lightning Pro for $592/month for 48 months with $5,791 due, or upgrade to a Lightning XLT for $634/month for 48 months with $6,333 due at signing.
Also, there’s a $1,500 cash discount on Lightning XLT, or $7,500 cash discount on the Lightning Lariat and Platinum.
Whether you’re looking for low APR financing offers, leasing options with attractive monthly payments, or cash incentives to maximize your savings, these deals have something for every Ford driver. With CarEdge, you can enjoy the convenience of pre-negotiated prices and home delivery, making your car-buying experience hassle-free. Explore these deals and make the most of year-end savings on your favorite Ford models.
As the year draws to a close, automakers are rolling out enticing deals to lure in buyers, and Chevrolet and GMC are no exception. With low APR financing options and huge cash offers, Chevy and GMC’s year-end deals are worth exploring. We’ll take a closer look at the best offers this month, helping you navigate through the available financing and cash deals.
Pre-Negotiated Chevrolet and GMC Prices With Home Delivery!
Learn more about Chevrolet year-end deals at Chevrolet.com
GMC Financing Deals
GMC’s year-end sales also bring some appealing financing deals to the table. At a time when the average new car loan APR is north of 8%, these are great financing offers.
In conclusion, these Chevrolet and GMC year-end deals offer a range of financing and cash incentives for buyers. Whether you’re on the hunt for low APR financing offers or big cash discounts, there are enticing options available this month.
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
If you’ve ever wondered whether it’s better to lease or buy a car, you’re not alone. There’s no one-size-fits-all answer, but with careful considerations, the right choice for you is within reach. One thing is for sure – leasing provides a low-cost path to buying a new car at a time when MSRPs are near record highs. In this guide, we’ll talk to CarEdge’s car buying pros to see what advice they’re giving our customers, and how you can put expert insights to work for your own car deal. Buckle in, because we’ve got quite a bit to cover.
Should You Buy or Lease? Take a Budget-Focused Approach
For those who prioritize their budget, leasing might seem like an attractive option. Rising interest rates and inflated car prices have resulted in hefty monthly payments for new car buyers. Jerry, one of our CarEdge Coaches, points out that “rising prices and interest rates are generating monthly payments never seen before for new car consumers.”
Financing a vehicle, especially without a substantial down payment, can sometimes result in monthly payments that exceed what many people can comfortably afford. In such cases, leasing a vehicle with a more manageable monthly payment may be the only viable solution.
How Long Will You Own the Car?
However, if you’re someone who values long-term ownership and plans to keep a car for 7-10 years, purchasing is often the financially sound choice. Mario, one of our veteran CarEdge Coaches, says that long-term car ownership is always best. “There’s no doubt that keeping a car for 7-10 years is the most financially sound option, surpassing any tempting lease deals, no questions asked.” Owning a car outright offers the advantage of not having to worry about monthly payments once the loan is paid off.
For drivers with different priorities or those who frequently upgrade to a new car, leasing can be an attractive option. Leasing allows you to enjoy a new car every few years without the hassle of selling or trading in your vehicle. It’s particularly advantageous for those who prefer to drive the latest models with updated features.
Leasing is also a good option for electric vehicle adopters. By the time your EV lease is up, range and charging speeds will have improved. Plus, EV resale values are hard to predict, as with any new technology. In this case, Jerry advises, “When considering any EV or plug-in hybrid, you definitely will want to research lease deals. There’s a good chance a lease is the better option.”
If you have relatively stable needs but don’t want to bear the risk of maintaining a car out of warranty, the decision becomes more complex. In these cases, financing often comes out ahead, but you should assess the “opportunity cost” of leasing against the financial gain of building equity for 5 years before upgrading, as Mario suggests. By comparing the total cost of ownership over a 3-6 year period for both leasing and financing, you can make an informed decision.
To make the comparison, calculate your total leasing expenses for the chosen period, including monthly payments, upfront cash, fees upon returning the car, and other expenses such as fuel and insurance. Then, determine your total monthly out-of-pocket cost by dividing this sum by the lease duration. Repeat the process for financing, adding up the total cost, and determining your projected equity position by month 36.
Finally, compare the out-of-pocket costs for both options to decide which suits your needs and budget. This simple exercise should help you determine if leasing is a better option for your financial situation.
Manufacturer Incentives and Resale Value
When deciding between leasing and financing, consider manufacturer incentives and resale value. Our CarEdge Coaches never recommend paying for dealer markups, or anything over MSRP. But when the price is right, buying can certainly become the clear solution.
As Mario points out, “Buying becomes a better option for vehicles that offer substantial discounts and incentives from both the manufacturer and the lender.” For vehicles with high resale value, financing may be the better choice, as you can build equity over time. In contrast, for vehicles with significant discounts or depreciation, leasing may be the more economical option.
Free Car Buying Help Is Here!
In the end, the decision to lease or buy a car should align with your specific circumstances and priorities. Budget-conscious drivers might find leasing more accessible, while those planning long-term ownership may prefer financing. Incentives, and resale value also matter. Remember that there’s no one-size-fits-all answer to the leasing vs. buying dilemma. So, whether you opt for a lease or decide to finance, careful research and consideration will lead you to the right decision.
Fortunately, we’ve got dozens of 100% FREE car buying and leasing resources available.
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
As the 2023 holiday season approaches, the automotive market is showing signs of change, particularly in the used car sector. After a period of record-high prices in 2022, there’s a light at the end of the tunnel for those seeking more affordable options. While used car prices have remained flat at retail lots, a steady decline has continued for months at wholesale auctions. Lower prices may soon reach retail consumers, with year-end sales in the new car market being the catalyst. Let’s take a look at how used car deals could play out in December.
Current Trends in Used Car Pricing
The cost of borrowing money is at a 20-year high, and used car sales are feeling the impacts. Demand for used cars has been on a slight downward trend in 2023. As of the most recent data from October, used car sales are down by 4% year-over-year. Unfortunately, used car prices have resisted downward pressure for most of the year.
Finally, that could be starting to change. Retail used car prices have seen a modest reduction of 0.7% over the past month after numerous ups and downs. However, since the start of 2023, prices have not moved much, hovering around an average listing price of $26,500. This is despite wild swings in wholesale prices.
The pace of this price decline has been slow, largely due to the supply of used cars in the retail market. With a current 49-day supply, down only slightly from previous months, a significant increase in inventory would be necessary for a more substantial drop in prices. However, patient buyers may finally get the relief they’ve been hoping for.
Stay updated with the latest trends and data on used car prices by following our weekly price updates at CarEdge.
When Will Used Car Prices Drop? All Eyes On December
For those waiting for a drop in used car prices, December 2023 appears promising. The potential for substantial price reductions is on the horizon, accelerated by Black Friday deals drawing more buyers to new car lots as early as November.
Interestingly, the key to understanding the potential for a used car price drop lies within the new car market, specifically in year-end sales dynamics. The end of the year is traditionally a prime time for new car purchases, as dealers and automakers strive to clear out current year models. This year, an abundance of new car inventory is anticipated, with the overall new car market experiencing an 83-day supply as of November. Some brands, such as Jeep and Ram, have over 100 days of inventory. This surplus exceeds the healthy market-day supply range of 40 to 60 days, indicating a pressing need for sales. How does this play into the used car market?
This surplus in the new car market should benefit used car buyers. Massive new car sales in December are likely to divert consumer attention from used to new vehicles. The appearance of attractive financing offers, like 0% APR could further encourage this shift.
In fact, used car buyers may want to reconsider once they realize the cost of today’s interest rates. A new car at MSRP with 0% APR financing may be a better deal than a used car at 14% APR. Believe it or not, today’s average used car loan rate is 14% APR.
How much will that interest cost you over an entire loan term? A $25,000 used car loan will actually cost you $35,000 over a 60 month term once the average 14% APR is factored in. You could get a decent new car with low APR for about the same price.
How much might used car prices drop by the end of 2023? Car dealers have been notoriously stubborn with their sticker prices, as evidenced by unchanged average listing prices this year. What will improve most in December is the negotiability of used cars. For car buyers prepared with negotiation know-how, December will present a rare opportunity to save thousands of dollars.
For all but the most in-demand models, buyers should be able to negotiate 10% off of the listing price for used cars. For the average priced used car, that would amount to approximately $2,500 in savings.
Remember, you can always check local market dynamics with CarEdge Data. Perhaps your dream car is more negotiable than you’d think!
Free Car Buying Help Is Here!
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
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