With cars sitting on lots for months and dealers desperate to move them, now is a great time to buy — new or used, electric, hybrid, or gas. A little research is all it takes to find a terrific deal.
If your old clunker is on its last legs—or rather, wheels—BILLSHARK wants you to know that this is the perfect time to replace it: new or used, electric, hybrid, or gas-powered, online or in person. Doesn’t matter. The cars have been sitting there for months and dealers are desperate, so this is a great time to get a terrific deal.
The deals are out there and with a little research you can find them, so here’s what you need to know.
1 Buying New: Incentives and Deals
If you’re looking for a new car, most dealers are offering such purchase incentives as 90- to 120-day deferred payments, zero-percent-interest loans for as long as 84 months (seven years), and even Ford’s “Built to Lend a Hand” program, in which the carmaker will make your payments for three months.
The best deals, of course, are reserved for those with the highest FICO credit scores, and on slower-selling models, such as coupes and sedans. SUVs and full-size pickups are in higher demand, so incentives won’t be as plentiful or generous on these vehicles. More popular colors, body styles, and options will further decrease your bargaining power, but if you’re willing to settle for less than your dream car, you should be able to score some remarkable deals.
2 Buying Used: Save Thousands
If you’re looking for a used car, this is also a great time to buy. Many people resist buying used, with the argument that “you’re just buying someone else’s problems.” On the other hand, there are those who never buy anything but used cars, because they say that a new car loses ten percent of its value the minute you drive it off the lot, so why buy new? And that’s actually true.
In addition, not only will you save thousands on the up-front cost of the car, but you’ll also save on taxes and auto insurance. This can allow you to buy a better car than you might be able to afford to buy new—a Mercedes, say, instead of a Ford, or a Rolls instead of a Toyota.
The key is to find cars that have been well maintained. You’ll want to see maintenance records, if possible, and get a vehicle history report from such companies as Carfax.com or Autocheck.com. And look for cars that have a good reliability record, which you can find from Consumer Reports or J.D. Power, among others.
Regardless of what you find in these reports, however, always take the car to a mechanic you trust to have it inspected.
3 Rental Cars: Another Smart Option
Used rental cars are another option for good deals on used cars. Every major car rental company offers their used rental cars for sale on their websites, with a flat-rate price and a significant discount over other types of used car dealers. Many of them also offer a longer test drive than do most used car dealers.
Again, if you’re worried about wear-and-tear, be sure to buy from one of the major rental companies and have the car checked out by a mechanic you trust before closing the deal, even if the companies offer a “certified” guarantee.
The coronavirus pandemic has been brutal for almost every commercial enterprise you can think of, and the rental car industry is no exception. Last month Hertz declared bankruptcy and will be selling off its fleet as a result, so be sure to check them out for special offers.
4 Pandemic-Safe Purchasing
Worried about going into the dealership? No problem. Most dealers are offering hands-free purchasing and “touchless” delivery in one form or another. For example, GM has a “Shop, Click, Drive” program available, and most of the others will bring the car to your home to let you test drive it. This is a service many of the high-end dealers have offered for years, but now they’ve pretty much all adapted to the realities of the pandemic by providing this type of concierge service right to your door.
5 Do Your Homework
Whether you’re buying new, or used, spend time comparing prices and deals online. Look for any rebates, discounts, or incentives you may qualify for, and find out what comparable makes and models are selling for in your area because prices on everything from Ford trucks to Teslas vary by state based on local demand.
And most experts advise that you get your financing lined up through your own lender before you ever set foot in a showroom, whether virtually or in person.
Need some extra cash to help out with your downpayment? Let BILLSHARK find it for you by slashing your Internet, wireless, satellite, and TV bills, among others. Our professional negotiators can not only save you hundreds of dollars but also hours of time by finding hidden savings on your bills. And, of course, this is a free service. We charge only if we can save you money.
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Frequently Asked Questions
Why is now a good time to buy a car?
Cars have been sitting on dealer lots for months and dealers are desperate to sell, so this is a great time to get a terrific deal. It applies whether you want new or used, electric, hybrid, or gas-powered, and whether you shop online or in person. With a little research, the deals are out there to be found.
What incentives are dealers offering on new cars?
Most dealers are offering purchase incentives such as 90- to 120-day deferred payments and zero-percent-interest loans for as long as 84 months (seven years). Ford even has a “Built to Lend a Hand” program in which the carmaker makes your payments for three months. The best deals go to buyers with the highest FICO credit scores and on slower-selling models like coupes and sedans.
Why might buying a used car save me money?
A new car loses ten percent of its value the minute you drive it off the lot, which is actually true. Buying used not only saves you thousands on the up-front cost of the car, but you also save on taxes and auto insurance. Those savings can let you afford a better car than you could buy new—a Mercedes instead of a Ford, or a Rolls instead of a Toyota.
How can I check that a used car is reliable?
Look for cars that have been well maintained. See the maintenance records if possible, and get a vehicle history report from companies such as Carfax.com or Autocheck.com. Check reliability records from sources like Consumer Reports or J.D. Power. Regardless of what the reports show, always take the car to a mechanic you trust to have it inspected before you buy.
Can I buy a car without going into the dealership?
Yes. Most dealers are offering hands-free purchasing and “touchless” delivery in one form or another. For example, GM has a “Shop, Click, Drive” program, and most others will bring the car to your home so you can test drive it. Many high-end dealers have offered this concierge service for years, and now most have adapted to provide it right to your door.
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Buying a car now means great deals: new-car incentives, big used-car savings, rental options, and touchless delivery. Do your homework.
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With cars sitting on lots for months and dealers desperate to move them, now is a great time to buy — new or used, electric, hybrid, or gas.
If your old clunker is on its last legs—or rather.
The deals are out there and with a little research you can find them, so here’s what you need to know.
If you’re looking for a new car.
The best deals, of course, are reserved for those with the highest FICO credit scores, and on slower-selling models, such as coupes and sedans.
If you’re looking for a used car, this is also a great time to buy.
In addition, not only will you save thousands on the up-front cost of the car, but you’ll also save on taxes and auto insurance.
The key is to find cars that have been well maintained.
Regardless of what you find in these reports, however, always take the car to a mechanic you trust to have it inspected.
Used rental cars are another option for good deals on used cars.
Again.
The coronavirus pandemic has been brutal for almost every commercial enterprise you can think of, and the rental car industry is no exception.
Worried about going into the dealership?.
Whether you’re buying new, or used, spend time comparing prices and deals online.
And most experts advise that you get your financing lined up through your own lender before you ever set foot in a showroom, whether virtually or in person.
Need some extra cash to help out with your downpayment?.
Cars have been sitting on dealer lots for months and dealers are desperate to sell, so this is a great time to get a terrific deal.
Most dealers are offering purchase incentives such as 90- to 120-day deferred payments and zero-percent-interest loans for as long as 84 months (seven years).
A new car loses ten percent of its value the minute you drive it off the lot, which is actually true.
Look for cars that have been well maintained.
Yes.
Our experts handle providers for customers and share updates throughout the process.
