How to Get the Best Car Deals on Black Friday & Cyber Monday

November 19, 2019

The day after American Thanksgiving is one of the busiest retail shopping days of the year in Canada, and THE busiest in the United States. More than $717 BILLION USD was spent in 2018 on Black Friday! It’s the unofficial kickoff to the holiday season and shoppers are out looking for the best deals. Car dealerships are getting in on the action too...

If you’ve been looking to buy a car, you’ve probably opened your mailbox to a cascade of recent flyers for Black Friday car deals. 

But is buying a car on Black Friday better than any other time of the year? 

And where are the best deals to be found?

What to expect for Black Friday car sales

No question, dealers are coming out with the full court press towards the end of November. 

If you’re looking to save some cash on a brand new car, it’s a good time to buy. It’s when you’ll see promotions on new vehicles like 0% financing from GM Financial or “90 days no payments”.

FCA brands like Chrysler, Jeep, Dodge, and Ram roll out Employee Pricing Plus, dropping sticker prices by up to $10k. Ford will have up to 20% off the retail price on select models. 

Some of these Black Friday car deals are impressive. You can slash the price you’re paying for a new car by $10,000 or more, and saving that kind of cash is never a bad thing. But what you might not know is that: great deals are available throughout the year, not just Black Friday.

It’s also worth pointing out that some Black Friday offers are reserved for customers with good credit, which means a lot of customers are disappointed when they learn this at the dealership. 

But Black Friday isn’t the only time to get a good deal, and good deals aren't only reserved for customers with stellar credit. 

Let’s discuss how you can make the most of Black Friday and drive away in a car you love!

Best time to shop for brand new car sales

You’re in buying mode already. Browsing through all the store flyers piled high on your counter, your eyes are going to pick up on lower prices and better interest rates for new cars too. If you aren’t picky about the make, model, or trim level that you’ll be driving next, you just might stumble upon the deal of the year. 

But a pickup truck owner isn’t often willing to take the steal of a deal on a subcompact hatchback. And a hybrid sedan owner usually won’t go for a full-size SUV that’s thousands of dollars below MSRP. You’re looking for a particular style of vehicle, aren’t you? 

Black Friday is often NOT the best time to buy the specific car you’ve been eyeballing for months. While Black Friday MAY have the deal you’ve been looking for, there are other great times to go car shopping

  • Model year-end is probably the best time to buy a new car. Prices get reduced at this time as dealers want to make room for next year’s inventory. 
  • Overstock sales can offer incredible savings over retail pricing on new cars. This is when the manufacturer has a surplus of a certain model and needs to clear them out.
  • Dealer demos also offer a bargain. If you can wait, keep an eye out for demonstrator vehicles. Trading off a few thousand kilometres for a discount while still being eligible for new vehicle perks is a good deal. 

But is there a better way to save money when buying a vehicle on Black Friday? What about the used car market?

Consider Black Friday used car deals

The downside about some of promotions on new cars (such as APR financing offers) is that they require a stellar credit rating. This caveat prevents a lot of car buyers from taking advantage of a good deal. But if your credit rating isn’t so stellar, don’t worry, there are still good deals out there!

Flip the dealership flyer over. See the used cars on the page? That is where some of the best deals are found this Black Friday and all year round. 

Not convinced that a used car is the way to go? There are good reasons to consider pre-owned vehicles on Black Friday: 

  • Someone else pays the depreciation. Sure, you can take 15-20% off the manufacturer’s pricing on a new car. But new vehicles depreciate as much as 30% in the first year alone. When you buy a used car, someone else takes the hit on depreciation.
  • Certified Pre-Owned (CPO) vehicles offer similar financing incentives to new models. For example, Toyota Financial Services offers competitive rates similar to promotional new car rates on Certified Pre-Owned models. If you have a good credit rating, Ford Certified Pre-Owned vehicle purchases are eligible for rates as low as 1.9%. 
  • Buying a used car from a dealership means professional-grade inspection, servicing, and even renewed warranties. Even used cars that aren't CPO enjoy professional-level servicing and maintenance before being put on the market. Reliability is a concern for used car buyers, but those concerns are more common if you’re buying from a private seller.
  • Used car sales aren’t determined by the manufacturer. New car deals on Black Friday are set out by the carmakers – the dealership doesn’t have influence on them, so there might be less wiggle room for price negotiation. However, the salesperson and manager to determine how much of a deal you’ll actually get with a used car. And you can use that to your advantage.

Leverage new car sales for a better used car deal

Black Friday is a great opportunity to get the best pricing of the year on a pre-owned vehicle! In fact, you’ll be able to use Black Friday's new car promotions to your advantage.

Dealers will be selling new cars primarily during these promotions. But used car inventory doesn’t get as much attention during this time, and dealerships need to move that iron too. Every day it’s on the lot costs the dealership money. 

Plus, there’s a very good chance the used car lot will be inundated with new inventory – trade-ins from the new car sales surrounding Black Friday. A big part of a dealership’s sales structure is maintaining the delicate balance between new and used cars on the lot. If there’s an influx of trade-ins, it can put pressure to liquidate cars, making your life at the negotiating table easier!

Find a great deal with Canada Drives 

As part of your Black Friday preparation, it pays to get pre-approved for finance BEFORE you visit the dealership. 

Canada Drives is partnered with hundreds of used car dealerships nationwide to help buyers find the best deal on the vehicle they want. 

Here’s how it works:

  1. Apply online in minutes and get pre-approved in hours. Nothing is worse than negotiating a deal and discovering your income or credit rating doesn’t support it. No matter your credit situation, Canada Drives helps you arrange finance before you start your search!
  2. We’ll match you with a dealership that’s best suited to your budget and lifestyle. Don’t waste time searching across multiple dealerships in your area! Canada Drives will narrow down your search to a local dealership that can help. 
  3. Save time at the dealership. While other car buyers are waiting on the finance manager, you can be in and out of the dealership faster than anyone else. Stop in for a test drive, sign the paperwork, and drive your car home. 

Whether you’re searching for the perfect used car match or you’ve settled on a new vehicle, Canada Drives can help you get the best price with the least hassle this Black Friday. Get started by clicking ‘Get Approved Today’, or call 1-888-865-6402.

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