If you've been biding your time, waiting for that hot sale when you can finally pull the trigger and dole out the big bucks for a car, then wait no longer. Black Friday, typically the day after Thanksgiving, is the best time to go car shopping, industry experts say, and get the ride that you've been eyeing for a great deal.
Millions of consumers anxiously await Black Friday to join in the shopping frenzy at various stores and malls throughout the country and many consumers are unaware, that car dealerships are also thrown into the bargain bonanza equation, offering discounts of anywhere up to 25 percent off sticker price this year.
In 2009, Kelley Blue Book conducted a survey and found that a mere 4 percent of new car shoppers were familiar with Black Friday dealer discounts, whereas a whopping 67 percent were oblivious to the discounts and extra incentives held during this time.
Typically around Thanksgiving, car manufacturer's incentives generate the highest discounts of the year. Analysts have culled together data over the years and have determined, that some of the best car deals can be made on this very popular shopping day.
A real consumer advantage for buying a car on Black Friday is that towards the end of the month, dealers have quotas to meet. Sales staff at most dealerships receive bonuses each time they reach their sales mark for that month.
Still another pot-sweetener for securing that huge car deal on Black Friday is that November is practically at the end of the year. Dealers love cleaning house and getting rid of their current model year cars (2013) to make room for their new inventory (2014).
Word on the street is that automakers like GM, Hyundai, Ford, Toyota are all offering Black Friday car deals.
Ford is also giving buyers a pre-paid MasterCard of up to $1,000 to use for holiday shopping, or by the end of June, 2014, or they can apply the money towards a new car purchase.
GM's Chevrolet, Cadillac, Buick and GMC all have deals for the day bustling day. Cadillac is offering a "Black Friday Cash" discount on all models. GM's GMC truck brand is taking $5,000 off an option-filled Sierra 1500 Crew Cab for Black Friday. Chevrolet is slashing new car prices and kicking in cash back deals on the frenzied shopping day.
Hyundai's "Black Friday Week" special offers 0% financing for 72 months on four Elantra car styles this week.
Toyota's deals will vary depending on where you live but they have dealerships that are running special promotional events across the country that are sure to entice buyers. Sterling McCall Toyota in Houston for example holds an annual event where folks show up before the sun comes up to wait for all of the used cars' doors to be unlocked. Potential buyers can hop into the car of their choice and at 9 a.m., the used car manager tags each vehicle with a Black Friday price, which the person behind the wheel can either accept or leave behind; three autos will be priced at just $1.00.
If you prefer to make a deal that will not only benefit you but others as well, Mazda will donate $100 to one of four charities for every vehicle it sells through Jan. 2 of next year.
So if a car is what you're in the market for, whether new or used, skip the mall and hightail it to a dealership to take advantage of some pretty serious buys.
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