Black Friday. The term given to the frenzied day-after-Thanksgiving shopping madness brings shivers to those who wouldn't dare go to a store that day and excitement to the shop-a-holics always looking for a great deal.
When we think of Black Friday though, car shopping is not typically what people are looking to buy.
As reported last year, car research company Truecar has statistics that show that automobile buyers on Black Friday had the highest discount on car prices than any other day of the year.
Car dealers have always advertised heavily for the four day Thanksgiving holiday weekend, but traffic is not typically heavy as many shoppers are at the local department store or other big retailers searching for deals on electronics, clothes, or other gifts.
The analysts looked at statistics from the last few years and discovered that Black Friday was the day that the highest percent discount off of sticker price was attained.
The other important factor is that Thanksgiving is always celebrated at the end of the month of November. There is truth to the belief that many car dealers trying to achieve monthly sales quotas will bargain toward the end of the month to accelerate their sales.
Also, most of the following year's models have just arrived and the car dealers are trying to sell all of the current year's models to make room for the new ones. Manufacturers also add incentives such as special financing and rebates to assist the car dealers in clearing out the older models.
Leasing is also in favor as car dealers and manufacturers are offering special lease rates to get more of their cars on the road.
With leasing programs, auto dealers push the low monthly payments to attract potential buyers who may not be able to purchase a new vehicle at an average of more than $28,000. If they can sell the "low monthly payment" aspect though, they will get more buyers to lease.
Auto dealers make money by selling and leasing so they are happy just to have the vehicle driven off of their lots.
So if you are in the market for a new vehicle, don't fight the traffic at the big retailers. Instead, go to your local car dealer and shop.
Statistics show that you'll get a great deal.
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