Nov 10, 2023
How to Get the Best Car Deals on Black Friday & Cyber Monday
The day after American Thanksgiving is one of the busiest retail shopping days of the year in Canada. It’s the unofficial kickoff to the holiday season when shoppers come 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 (physical and electronic) 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
Car dealers typically come out with the full-court press towards the end of November. Buyers should be on the lookout for promotions like 0% financing or “90 days no payments” from GM Financial. FCA brands like Chrysler, Jeep, Dodge, and Ram roll out Employee Pricing promotions, dropping sticker prices by as much as $10,000.
Some of these Black Friday car deals are impressive. If you can slash the price you’re paying for a new car by $10,000 or more, 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.
Furthermore, many Canadians are disappointed to learn that some Black Friday vehicle offers are reserved for buyers with great credit. But Black Friday isn’t the only time to get a good deal, and good deals aren't only reserved for customers with amazing credit.
Best time to shop for a brand new car
If you're in buying mode, you're already browsing through all the store flyers and promotions that come in the mail. You're going to be on the lookout for discounted prices and attractive financing incentives. And 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 usually willing to snap up 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?
While Black Friday might have a few deals that catch your eye, there are other great times to buy a car as well:
- 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.
Don't forget Black Friday used car deals
The downside about some of the promotions on new cars (such as APR financing offers) is that they require a good credit rating. This caveat prevents a lot of car buyers from taking advantage of a good deal. One of the reasons it's so difficult to get approved for financing on a brand new car is because—let's face it—brand new cars cost a lot of money. Getting approved for a large amount of money can be challenging even if your credit rating is decent. But don’t worry, there are still some incredible offers out there if you know where to look.
Flip the dealership flyer over. See the pre-owned vehicle inventory? 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 lots of undeniable reasons to choose a pre-owned vehicle:
- 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.
- Buying a used car from a dealership means professional-grade inspection, servicing, and even renewed warranties. Even used cars that are not certified by the manufacturer get professional-level servicing and maintenance before being put on the market.
Getting ready for Black Friday
If you're intent on taking advantage of the Black Friday sales, remember that some promotions and incentives will be available all month long but some will be for just the day or weekend. In anticipation of finding a great deal, here's how you can get yourself ready ahead of time.
1. Get pre-approved for financing
Many Black Friday car sales are priced assuming you qualify for incentives based on your credit rating. Whether you have perfect credit or not, getting pre-approved for a car loan before you start your search makes good sense because you’ll be able to focus on vehicles that match your budget. Canada Drives can help you get pre-approved today. It's free to apply and only takes 3 minutes to complete the easy online application.
2. Test drive in advance
Salespeople are going to be busy on Black Friday. If you already know what model, trim level, and features you want for your new vehicle, you can save yourself a lot of time. Visit the dealership before the sales start to test drive your choice (or ask the dealer to deliver the test drive to you). Plus, with a relationship already established, it will speed things up when you arrive in the dealership on Black Friday.
3. Get your trade appraised
A trade-in can unravel your deal if you can’t settle on a price. Before you visit the dealer on Black Friday, have a good idea of what you can expect for a trade-in value. Use online trade appraisal tools like Canadian Black Book to get a realistic trade-in value in advance.
If you owe money on your trade-in, contact your lender to determine your payout in order to expedite the trade-in and financing processes.
4. Bring your financing documents along
The financing process can often be done within a few days at most. To expedite your financing, bring along the supporting documents you need to get your loan approved and funded. You’ll need recent pay stubs, valid government-issued photo ID, proof of residency, and bank information to set up pre-authorized debits.
5. Skip the perks
For the best deal on your car, try to negotiate any extras out of the deal. If the dealership is giving away a TV with every purchase, see if you can get a lower price without taking the TV. It might be a $5 or $10 difference in your bi-weekly payment.
Find great deals all year round
The buildup to the holiday season is a busy time for a lot of Canadians. If you don't have time to visit a dealership this month, you can still secure a great vehicle at a great price!
With Canada Drives, you can avoid the stress and wasted time of traditional car shopping. Get pre-approved online and get connected with a dealership in your area that will show you vehicles you qualify for - all you need to do is pick the one you want and drive away!