If you're looking for a good deal on a new car, you can usually be pretty sure that some good deals happen on Black Friday – even for cars, trucks, and SUVs. You've probably seen dealerships in your area starting to advertise that "amazing deals" are happening on the day after Thanksgiving, or have even already started.
While there can be great deals for Black Friday, these deals are unlikely to be as good as the ones that will be offered at the end of December, especially if you're struggling with credit issues. Borrowers with bad credit will have to look carefully at Black Friday deals to see if they qualify.
New Car Deals For Black Friday
Something to be thankful for this holiday season is the Black Friday deals on new cars. If you’re shopping for your next new vehicle, there’s a good chance these deals are available at many of your local dealerships. Keep in mind that most 0% deals go to buyers with good credit, so if you're struggling with your score, it's better to look for a deal that may apply to anyone, like a percentage-off incentive.
Get Thousands Off New RAM Trucks
RAM 1500 Black Friday Deal: 15% Off MSRP
This deal applies to the 2023 RAM 1500 Classic on the West Coast. This offer has the potential to be one of the biggest discounts on a truck this month and applies to most trims in some parts of the country. This rebate deal is above average given market conditions and inventory shortages that are being seen across the country, and is subject to dealer stock. Certain restrictions and requirements apply to this offer. Offers may vary by trim and region, check with your local dealer to see your potential savings.
RAM 2500 Black Friday Deal: 10% Off MSRP
This hefty deal applies to the 2023 RAM 2500 and RAM 3500 trucks, which had previously been excluded from incentives. As one of the biggest discounts on a truck this month, it applies to most trims. As with many of the discounts we're seeing from Stellantis this month, this rebate deal is above average given market conditions. Certain restrictions and requirements apply to this offer. Offers may vary by trim, check with your local dealer to see your potential savings.
Get 10% - 15% Off New Jeep Models
Jeep Compass Discount Deal: 15% Off MSRP
For November, you can get up to 15% off a new Jeep Compass in Latitude 4x4 trims when you finance through Chrysler Capital. This deal can mean thousands off a purchase for qualifying customers. This is a standalone deal and cannot be combined with any other offer. Right now, the compass is also being offered with a 1.9% APR for 36 months, though your rate may vary depending on your credit score. These offers are available in California, but similar offers may be available in your region. Offers vary by trim.
Jeep Renegade Discount Deal: Up To 10% Off MSRP
Right now, you can get up to 10% off a new 2023 Jeep Renegade Latitude 4x4 when you finance through Chrysler Capital. This deal can mean thousands off a purchase for qualifying customers depending on credit. This is a standalone deal and cannot be combined with any other offer. Right now, the Renegade is also being offered with a 1.9% APR for 36 months, though your rate may vary. These offers are available in California, but similar offers may be available in your region. Offers vary by trim.
Escape High Prices with Ford
Ford Explorer Black Friday Deal: 0.9% APR For 36 Months + Up To $1,500 Cash
Ford is continuing to offer 0.9% APR financing for up to 36 months on all 2023 Explorer models. XLT versions of the Explorer feature $1,000 in Low APR Bonus Cash that you can't get on other styles. Ford is also offering $500 in trade-in assistance for a total of up to $1,500 in potential savings. We think there's a good chance that Ford Explorer deals will improve closer to the holiday. In California, the brand tends to raise trade-in assistance bonuses to $1,000 for a limited time. We'll have to wait to know for sure whether or not this will be the case. Ford also has 48 and 60-month financing at 1.9% APR and 2.9%, respectively. Most Ford deals end on January 2nd.
Ford usually launches Black Friday car deals in the final days leading up to the holiday. Recently, Ford Credit lowered interest rates for buyers with bad credit. In the case of the popular Ford F-150, analysis by CarsDirect found that a 4% cut in interest rates could translate to $7,000 in savings for consumers. Bad credit is often defined as having a FICO score of 660 or less.
If you're shopping for an EV, Mustang Mach-E savings can hit $13,000 when factoring in a federal tax credit. Even the F-150 Lightning offers $15,000 in savings, the highest we've seen to date. Inventory of these vehicles has reportedly been piling up suggesting it could be a good time to buy.
Hyundai Santa Fe midsize SUV
Hyundai Santa Fe Black Friday Deal: 0% APR + No Payments Till 2024
If you're in the market for a midsized SUV, the 2023 Hyundai Santa Fe has a deal that's hard to beat. Through November 30th, gas versions of the Santa Fe feature 0% APR financing for 60 months. This represents a substantial price cut when compared to last month's rate of 2.99%. To help sweeten the deal, a "0 Payments For 90 Days" promo promises no payments until 2024. This deal is trim-specific, and for qualifying borrowers, so be sure to check with your local Hyundai dealer for offers near you.
Zoom Away with Mazda Deals
Mazda CX-90 Black Friday Deal: $2,000 Off MSRP + 0.9% APR + No Payments Till 2024
Right now Mazda is offering 0.9% APR financing for up to 36 months on the CX-90 crossover. Plus, you could qualify for No Payments For 90 Days when you financing through Mazda. Finally, you can get an additional $2,000 Incentive Cash on all Preferred Plus and Premium trims. This is the best we've seen to date on the 2024 Mazda CX-90. CX-90 discounts may vary significantly from one model to the next and are subject to qualification, so check availability near you.
Are Black Friday Car Deals Any good?
Like all retailers, car dealerships have Black Friday promotions, and the deals that are offered have to be at least good enough to get buyers into showrooms. So, if you do decide to purchase a new vehicle instead of standing in line for a hot deal on a TV or the latest Apple device, you're pretty much guaranteed to save some money.
Many automakers are already advertising deals ahead of Black Friday, with one of the most common being no payments until 2024, which can also be tagged as no payments for 90 days. These types of deals are typically for those with good credit who qualify to finance through the automaker's captive lender and can be found through manufacturers such as Dodge, Chrysler, RAM, Jeep, Mazda, Lexus, and Hyundai. Other dealers are offering money off, especially if you lease, but qualifying also depends on your credit.
You may be able to save some money around Black Friday, but you can save a lot more money (depending on what you buy)... if you wait. Likewise, you'll be able to avoid the big crowds... if you wait. Even though more and more dealerships are trying to get in on the Black Friday action, most bargain shoppers have yet to be won over on plunking down so much money in the heat of the moment.
And depending on your credit, not all that fine print may work out for you. While it's possible to lease a car with bad credit, the terms of those deals aren't exactly doorbusters when you have bad credit. Often, the lease deals advertised during Black Friday won't even apply to shoppers who have less-than-perfect credit. With bad credit, you want to look for deals that apply to everyone, like percentage-off deals which are currently being run on the Stellantis family of products including Jeep and RAM, or vehicles with bonus cash that can be applied to your purchase no matter what APR you're assigned.
Why Wait For Great Deals?
If you're debating buying a car on the day after Thanksgiving, consider this: you've already waited this long, can you hold off on buying a car for another three weeks? Not only are the ends of the month among the best times to buy a car but the end of the year is a good time, too.
However, many current model-year vehicles may already be sold out, so getting a good deal whenever possible is always the best choice.
- End of the year manufacturer incentives will only get better... if there are still last year's models left. Remember that a Black Friday sale is still just a sale. The end of the year brings real deals to the world of car buying with deep price cuts and cash-back rebates for models that haven't sold out. However, keep in mind that the end of a model year doesn't necessarily mean the end of the calendar year, and taking advantage of model-year-end deals will be a better bet, no matter when they happen.
- To meet goals for the year, dealers will offer their incentives as January gets closer. It won't truly be crunch time for dealers until December. Take advantage of the best prices that dealerships can offer as they scramble to meet their quotas. This is also the time when automakers start advertising Holiday deals which could be even deeper discounts than Black Friday deals. It really comes down to how badly you need a vehicle, and which deal makes sense for you.
In the true spirit of Thanksgiving, it’s time to be thankful for what we have in life, and that includes your credit. Whether it’s good, bad, or ugly, there’s always something that can be done to build on your credit, including getting an auto loan. A well-managed car loan is a great way to build credit and get better deals in the future!