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Do you think Black Friday a good time to buy a new car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools as well as publishing authentic and objective content. We also allow you to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation may impact how and where products appear on this website, for example for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity, and other products for home loans. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial deals that could be open to you. Martin-dm/Getty Images

3 minutes read. Published November 21 2022

Writer: Rae Hartley Beck Written by Contributing writer Rae Hartley Beck is a editor and writer with more than 8 years experience working in personal financial matters. Her writing has appeared in Bankrate, MoneyWise and Investopedia. Rae specializes on credit card reward and real estate, investing and home improvement, loans and financial tips for millennials, Gen Z, Gen Alpha and their parents. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate guarantee

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There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your money for more than four years. We continually strive to provide consumers with the expert advice and tools needed to make it through life’s financial journey. Bankrate follows a strict policy, which means you can be confident that our information is trustworthy and accurate. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial choices. Our content produced by our editorial staff is factual, accurate and uninfluenced from our advertising. We’re transparent about the ways we’re capable of bringing high-quality content, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products andservices or through you clicking certain hyperlinks on our website. So, this compensation can impact how, where and in what order items are listed in the event that they are not permitted by law. This is the case for our mortgage and home equity products, as well as other home loan products. Other factors, such as our own rules for our website and whether the product is available within your region or within your personal credit score can also impact how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Black Friday is a time for great deals and savings and is particularly crucial due to the recent rise in inflation prices. The cost of cars has increased 6.3 percent from last year , and 42.5 percent between September 2022 and February 2020, according to . If you’re looking for savings in the near term and is flexible across brands, Black Friday can be an ideal time to purchase a car. Are you sure that Black Friday a good time to purchase a car?

Black Friday could be a good time to buy cars should you be able to score a good deal on the car you’re looking for . More people are shopping for cars than there are available, so steep discounts are likely to be difficult to snag.

Black Friday car deals differ according to the manufacturer. Black Friday deals on cars are typically set and advertised at the level of the manufacturer however local dealerships and major regional chains might offer their own deals. Black Friday deals on cars typically concentrate on financing, credit and lower prices. Deals on financing Financing is one of the most common Black Friday car deals. The deals are usually backed by the company that makes the deal — Chrysler Capital, Toyota Motor Credit Corporation, Ford Motor Credit Company and similar. Most often, advertised deals include no down-payment, and there are no monthly payments for an extended period. All financing deals are offered on credit that is approved. In general, the better the financing deal offers, the better your credit score to qualify. These deals will usually have the equivalent discount of a dollar off even if you do not go for promotional financing. If you’re planning to finance a vehicle then you might be better off and taking the additional money off the price of the sale. There are many non-financing deals. Some manufacturers and dealers will offer a specific amount off the Manufacturer’s Suggested Retail Price (MSRP) on Black Friday. They will also advertise that they will offer a higher amount of money for vehicles that qualify for trade-ins. Higher trade-in values lower the amount you’ll pay in sales tax for the vehicle you’re buying, which can be as high as 11.45 percent, depending on your city and state. Leasing offers In addition to purchase deals, Black Friday car shoppers can also benefit from leasing deals. If you choose to lease that you want to lease, you might get lower monthly payments, lower money down, or higher limit on mileage through the Black Friday promotion. Black Friday might not be the ideal time to purchase a car. The chip shortage that initially had a massive impact on the availability of cars is beginning ease up, but that doesn’t mean cars are as accessible as they were pre-pandemic. The inventory of cars is still very low, which effectively makes it a . Depending on the specific make, model and trim you’re looking for, you could be on the waitlist. If you’re very set on the exact car you want and need to purchase it by the dealer, there’s no incentive to offer a deal for Black Friday. If you are flexible across different makes, models and styles, you may be able to negotiate better prices around Christmas or New Year’s Eve as opposed to Black Friday. Present conditions for buying a car In addition to general shortages of inventory it’s not a good time if you plan to finance a car. Unless you can pay in cash, you’ll have to pay more in interest to purchase an automobile in the present than in 2021. The cost of buying a car could be reduced, dealers will be more enticed to cut costs. Also, interest rates are likely to be cut to combat a recession. If you don’t urgently need a car, you may prefer to stay clear of Black Friday car sales this year and keep saving cash. If interest rates remain high it will be possible to pay more down and reduce financing costs. Prequalify before heading to the dealership if are looking to finance a car. can help give you a better picture of your budget and budget. Arrive with the best knowledge possible. It is possible that you are eligible for competitive rates of interest through an online bank or . This could give you the ability to negotiate a cheaper purchase price, in the event that you do not have to hunt for any specific promotional financing the dealership is offering. You can quickly determine what car you can afford and and interest rates for multiple lenders by using this prequalification instrument. It’s only a couple of minutes and won’t hurt your credit score. Bottom line: If you need a car soon and you are willing to be open to change, Black Friday deals can be located. However, don’t anticipate them to be as great as they were prior to the pandemic. If you’re patient for a while, you might be able to find better prices at the close of the year or the following year, when stock is more abundant.

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Written by the contributing writer Rae Hartley Beck is a writer and editor with over an eight-year experience within personal finance. Her work has most recently appeared on Bankrate, MoneyWise and Investopedia. Rae specializes on credit card reward as well as real estate, investing and home renovation, lending, and financial tips for millennials, Gen Z, Gen Alpha and their parents. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing clear, well-researched details that cut complicated topics into digestible pieces.

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