Black Friday Car Buying Tips and Advice

We’re a nation of bargain hunters. That’s why Black Friday has become so big. In 2018, some 154 million of us hit the stores, both physical and online, the day after Thanksgiving, spending an average of almost $300 each. (Those National Retail Federation figures were quoted in a CNN news story from November 27th, 2019.)

But the thing about averages is, some people will have spent much more. Quite a few will have gone Black Friday car shopping and some will have returned home with a great car or truck bought at a knock-down price. Others however will have spent needlessly more than they wanted or needed to.

Black Friday can be a great day to buy that vehicle you’ve been dreaming of. Dive in unprepared though and you risk some serious buyer’s remorse by the time Cyber Monday rolls around. Here’s some background on those Black Friday car sales and some car buying tips for getting the best deal.

A Black Friday sales event is how retailers shift the inventory they’re struggling to move. Car dealers are no different. If you see a car advertised at thousands off of the list price there’s a reason. Rebates and “incentives” are other words used but they amount to the same thing: money off the manufacturer’s suggested retail price (M.S.R.P.).

The number one reason for steeply discounting a car is that it’s last year’s model and it’s costing the dealer every minute it doesn’t sell. The factories have been building the 2021’s since midsummer, making 2020 model year cars hard to move. That’s especially true when there’s been a big model change, like a facelift, additional options, technology or new engines. The only way of persuading buyers to pick the old model over the new is with a substantial discount.

The other reason is that the dealer is finding it hard to move a particular vehicle. Midsize sedans are a good example. Right now SUV’s are selling fast but few buyers are lusting after cars with trunks. As a result you may well see good deals on them, (but not on SUVs.)

Recognize that every showroom will be full of people chasing a Black Friday car sale bargain. Everyone – well most everyone – is off work and they have plenty of time on their hands. Plus, they’ve watched endless car commercials during the football games on television the day before and in a mood to buy. In other words, don’t walk in expecting the salesman’s undivided attention or the opportunity to test drive a few vehicles.

You can usually get pre-approved for a loan, which speeds up the buying process. Alternatively, if you plan on leasing you should also do some research on what deals are out there. Be aware though that some dealerships may be able to offer financing on better terms than you can get from the bank.

You might also want to check your credit score before venturing onto the car lot as this affects the terms you will be offered. November is a bit late to start trying to boost your number for Black Friday car shopping though, although there’s never a bad time to work on your credit.