If you're thinking of taking advantage of one of the many promotions offered by automobile dealerships during Presidents Day weekend, you should start devising your game plan right now. There are both advantages and disadvantages that come with purchasing a vehicle during this popular time. Basically, you should practice the same strategies that you would apply when buying a car during any other time of the year.
Buying a Car during Presidents Day Weekend: The Good and the Bad
For many dealers, Presidents Day Weekend represents a "launch" into a busy season. And the feelings of patriotism inspired by this holiday put a lot of potential car buyers in the mood to pull the trigger and make a purchase. Because of that, a lot of dealerships offer special deals and incentives on Presidents Day Weekend. However, you should remember that the lots may be crowded.
- The Positive Side:
It is absolutely true that there will be promotions to take advantage of. So, if you are looking for rebates, no money down offers and cash back, this may be your weekend to purchase a vehicle. Also, if you are expecting to receive a tax refund, this would be a good time to provide a healthy down payment.
- The Negative Side:
Most dealerships will be crowded and the majority of salespeople won't be hurting from a lack of sales. There will be good deals, but there won't be a lot of negotiating taking place. So, it's debatable whether you would get a better price by taking advantage of a holiday promotion or by waiting for a less busy time when you would have a better opportunity to haggle.
If you're in the market to buy a vehicle because you absolutely need a car right now, those deals and promotions could save you some money. Just be careful not to jump into a deal that seems too good to be true (it might be), and don't be tempted to buy more car than you can realistically afford.
Keeping a Clear Head: Things to Keep in Mind
With the excitement of the holiday upon you and the carnival-like atmosphere that some dealerships may invoke, it may be difficult to think practically while car shopping. This is why you should plan ahead and remind yourself that you will be making a significant financial commitment.
- Do your research before heading out the door.
Will you be looking for a new car or a used car? How much seating room will you need? Have you looked at and compared safety ratings? You should have a very clear image in mind of the type of vehicle that will most efficiently serve your daily needs so you won't easily be swayed by "a great deal" on something that is impractical and/or too expensive.
- Realize the truth about certain promotions.
For a lot of buyers, putting "no money down" really isn't a great idea in the long run. And with other promotions, the deals only apply to the vehicles that are currently in a dealer's inventory. So, if you wanted to special order a car with specific options or a particular trim level, you probably wouldn't be eligible for the advertised special.
- Know your credit score.
If you have excellent credit, you will be eligible for all of the perks that dealers are known to offer during certain times of the year. If, on the other hand, you have moderately to severely damaged credit, you may not qualify for certain offers. So, it is incredibly helpful to realize where you stand with your credit before beginning the car buying process. If you do discover that you are facing credit issues, there are financing options available, but you may need to approach your purchase from a slightly different angle.
Celebrate Presidents Day with Stress-Free Financing
If you have bad credit, getting approved for an auto loan can seem like an impossible challenge, but that's only if you're going through the wrong channels. Banks and credit unions are often incapable of serving those with damaged credit, so you need to find a lender who is qualified to handle your situation. Auto Credit Express will connect you with a dealer in your area who works with those kinds of lenders, and our process is quick and easy.
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