There is a good time to buy a car so that you save the most money, according to car experts. Sean Dowling (@seandowlingtv) has more.
Much-hyped Labor Day auto sales promise screaming deals on outgoing 2017 models â but you might face jammed car lots and long waits for attention.
Thanks to an advertising blitz by manufacturers, the atmosphere on car lots this holiday weekend will be like âa feeding frenzy,â warns Dave Cavano, manager of car buying for AAAâs Southern California auto club.
Jeremy Acevedo, an analyst for car site Edmunds.com, predicts a 33% increase in car sales compared with other, non-holiday first weekends of a month, noting that this will be âa particularly aggressive Labor Day sales weekend.â
If you think the savings are worth the aggravation, the usual advice forÂ how to buy a car still applies to the Labor Day weekend, but youâll need to make a few adjustments. Here are seven ways to take advantage of this perfect storm of car shopping.
1. Start shopping before the holiday
Get a jump on the process by decidingÂ what model to buy and researching its current market price, financing options and available incentives. These incentives mightÂ be available in âpre-Labor Day sales,â and some will remain in effect after the holiday.
âWith sales slowing, carmakers are doing everything they can to sustain sales,â Acevedo says. New-car sales dropped 7% in July compared with the same month a year ago, Edmunds data showed.
2. Get pre-approved financingÂ
Even if you plan to finance through the dealership, which usually offers the lowest interest rates, get pre-approved for a car loan. This is especially important if you have less than stellar credit, which leaves you vulnerable…