Is a new car, SUV or truck on your radar? New vehicles having been selling strong this past year, providing fewer chances for good deals. Making your purchase prior to January 1st might be the way to go.
Better Opportunity for Bargains
Rushing to buy any vehicle at any time is never a good option, but here is why getting it done now would make sense:
- 2018 model year vehicles are readily available, making 2017 new vehicles old inventory.
- New model year changes, while often just cosmetic, can reduce demand on the previous years model. If it’s not important to you, it may just save you some money.
- Customer cash incentives are typically higher in the summer and winter months. You may find a winter rebate or discount is available on the make and model you want.
- Buying around the last day of the month is usually a good idea no matter the month. Dealers are often eager to meet monthly sales quotas.
- December is the end of the tax year. The is a good chance that dealers are clearing out inventory for tax reasons.
But You Have to Be Prepared
Many of us spend more time exploring a clothing purchase than our next new vehicle. To make the best decision requires research, and preparation. Here are a few quick guidelines to make your buying successful:
- What is affordable? Before you set foot in a dealership or look online, make sure you know how much you can reasonably afford. Although monthly payments are one way to look at it, focus on the purchase price of the vehicle. Don’t forget about other expenses, such as licensing, registration, gasoline, maintenance and repairs.
- Get loan pre-approval. Get approved for a Mid Oregon loan before visiting any dealership. Just because you’re preapproved for a certain loan amount, doesn’t mean you have to get a loan for that amount. Remember your budget. How much of a down payment will you have?
- Educate yourself. Learn about options, pricing, and future functionality of the cars you’re considering. Many websites are available to help. You can also look at dealership websites and inventory for ideas and prices. Decide what vehicle you want in advance.
- Don’t go alone. Take someone with you to the dealerships. Even if they don’t know much about cars, they can be a voice of reason and point out things you miss as you look at cars. Also, be willing to walk away from a bad deal.
- Negotiate Wisely. Discuss and determine the purchase price (not payments) first. Then if you have a trade-in, the value they will give you. Last, you can compare your pre-approved financing to their options. And speaking of options, Mid Oregon normally has better prices on vehicle safeguards options like Guaranteed Asset Protection (GAP) Plus, Mechanical Repair Coverage (MRC) and Borrowers Security. You can learn more about these during your pre-approval.
What About a Vehicle Loan?
We would love to discuss your vehicle financing needs, and help you determine your car buying budget. You can stop in at any Central Oregon branch, Email our local Contact Center, or check out details on our website. You can even start your loan application online. Good vehicle hunting!Apply for Vehicle Loan