Betty Xiong: How to Score an Awesome Deal on a New Car this Labor Day Weekend

Friday, September 2, 2016

How to Score an Awesome Deal on a New Car this Labor Day Weekend

Want to hear a crazy secret about me?

I love buying new clothes!

Wait…..

Did I really admit that out loud?

While I don’t want to lose my “man card,” the truth is undeniable.

But, here’s the thing. Part of my love of new clothing is based on my profession. Because I’m a financial advisor, people expect me to look professional and put-together. In that respect, clothing is actually an important business expense.

But wait…..

Here’s another secret about me that will not surprise you: I also love saving money.

How to Score an Awesome Deal on a New Car

So yeah, I do enjoy buying nice business attire and clothes that help me feel my best, but I never pay full price. As a result, shopping holidays like Black Friday and Cyber Monday have become important days for this hobby.

Of course, it is well known that certain holidays and calendar dates are best for specific types of purchases. According to Consumer Reports, for example, November is the best month to shop for televisions and major appliances.

And February? The second month of the year offers the best pricing on mattresses, winter sports gear, and coats. May, on the other hand, offers superior pricing on laptop computers.

Then there’s September, and specifically Labor Day Weekend. According to the experts, Labor Day weekend is easily the best time to shop for a new car. Why? Because you’ll often find the lowest prices and lucrative offers on financing to boot.

Don’t believe me? Thomas King, vice-president at J.D. Power and Associates, told Fortune Magazine that Labor Day Weekend is basically the “Black Friday of car sales.”

There are two main drivers of this situation, King explains in the Fortune write-up. First, new models are hitting dealerships right about now, which brings in buyers who want to check out their favorite car’s new look. Second, savvy buyers also come out to search for deals on last year’s models.

And most of the time, they find them.

5 Tips to Save On a New Car this Labor Day Weekend

While not everyone needs a brand new ride, there are times when buying a new car makes sense. You might want a new car in order to secure an ironclad warranty, for example. Or perhaps you have had bad experiences with used cars and want to avoid someone else’s lemon. If you commute a considerable distance to work, a new car might also give you peace of mind.

No matter your reason, you should look for ways to save as much as you can. If you’re shopping for a new car this Labor Day weekend, here are some tips that can help you get the best deal:

Score big on last year’s model.

I already mentioned this concept, but it’s definitely worth repeating. Since new car models tend to hit the market around this time of the year, buyers can often score awesome deals on new cars that just so happen to be last year’s model.

If driving a 2017 model isn’t a big deal to you, shopping for a new 2016 model of your favorite car is a smart idea. Since dealers want to sell older models as quickly as possible, you can usually negotiate a lower sales price.

Conduct research online before you head to the dealership.

Thanks to the internet, it has become easier than ever to research car prices before you hit the dealership. Websites like TRUECar, for example, offer details on the actual prices consumers paid for new and used cars. Armed with this information, you can walk into the dealership knowing what the new car you’re after is actually worth.

Apply for the BuyPower Card from Capital One.

Rewards credit cards make it easy to earn points and cash back you can use, but one rewards card goes the extra mile to offer strong rewards you can use towards a brand new Chevrolet, Buick, GMC or Cadillac vehicle.

It’s 5 percent Earnings on the first $5,000 spent every year and 2 percent after that. Plus, there is no limit to how much you can earn or redeem.

Regularly using your card on everyday purchases helps generate Earnings, which can be put towards any new Chevrolet, GMC, Cadillac, or Buick vehicle of your choosing. Planning is key, so apply for the BuyPower Card from Capital One and you could be on your way to even more savings on Labor Day car shopping in the future.

Best of all, you can combine Earnings with most current GM offers at your local Chevrolet, Buick, GMC or Cadillac dealerships. For more important information about the BuyPower Card from Capital One, click here.

Look for special deals on financing.

Speaking of special deals and promotions, one of the biggest incentives for buying new is the opportunity for a deal on financing. Each year, many different car brands roll out 0 percent financing options on brand new models, which helps you pay zero interest on your purchase.

A recent study noted that the average new car loan surged over $30,000 in early 2016. That’s a huge expense for most families, but you can sweeten the deal by not paying interest on your new car for five years or longer!

Final Thoughts

Shopping for a brand new car can be super exciting, but you should make sure you’re financially prepared for the purchase and take special care to look over your monthly budget before you fully commit. Also be sure to conduct some serious online research before approach your favorite dealership.

With due diligence, you should be able to get a deal that meets both your transportation and monetary needs. And there is no better time to score an awesome deal than Labor Day weekend!

Thank you Capital One for sponsoring this post! This is a paid endorsement. All opinions are my own and were not directed by Capital One.