If you’re looking for a new vehicle, there are a lot of things to consider. No doubt one of your biggest concerns is getting a good price. Before you start haggling, look into these often overlooked incentive programs for a great deal.
Though you may have initially had your eye on buying a car, leasing is a great option too. About one in four people chooses to lease and not buy. There’s a big market for leasing incentive programs and you’ll find many great deals this way. Leasing incentives typically apply the financing incentive or cash back rebate that’s offered for car purchases to your lease, saving you a chunk of money.
Customer Loyalty Programs
Customer loyalty programs aren’t as heavily publicized as other types of offers, and so they’re often overlooked. If you’ve purchased from the same manufacturer in the past, you can often get a rebate on your next vehicle. If you’re happy with your current car and simply want a newer model, be sure to look for a customer loyalty program that will reward you.
Bonus offers are almost never advertised. You may have to actually call for bonus offers. These typically apply to a specific group of people, such as military personnel. Regardless of your status, however, it’s worth it to call and ask about all possible incentive programs that are available.
Low or No Interest Financing
These deals are heavily advertised, so you may know about them. However, not all car buyers are really aware of how they work. If you’re interested in no or low-interest financing, you should check your credit score before you head in to the dealership. It’s worth it to spend a few months paying down your credit before you go car shopping if you want this kind of deal. It typically applies only to buyers who meet certain credit score requirements, but it can save you a significant amount of money in the long run.
Cash Back Rebates
Cash back rebates are another common offering with car dealerships. Many dealers will give you a choice of the cash back offer or the low-percent financing. This is when you need to pull out the calculator. A $20,000 car with a 5% interest rate will actually cost $24,000. If you’re not getting at least $4,000 in cash back, you’re better off taking a zero-percent financing option. Be thorough and make sure you’re choosing the best deal.
Every now and then you’ll come across a dealership with its own novel incentive program. You might be offered vehicle upgrades or free electronics equipment with your buy. If you’re truly interested in the incentive, it’s a good deal. You shouldn’t take it just for the sake of getting something free, though.
There are lots of great incentives out there for car buyers, so be sure to take the time and explore them all. Remember that dealerships are vying for your business and you can get a great deal when you’re willing to hold out for the right one.