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Planning to give a
car for Christmas? Save now, but shop later
By Lucy
Lazarony • Bankrate.com
 Thinking
about surprising someone special with a car this holiday season?
Shop late.
"The best day of the year to shop
for a car is New Year's Eve," says W. James Bragg, author of Car
Buyer's and Leaser's Negotiating Bible. "Walk into a dealer
with a cashier's check in your hand."
Hungry salesmen
can mean good deals
In general, the end of the month is the best time to shop for a
car because salespeople who are striving to meet quotas are more
eager to make a deal. Also, keep in mind the month of December is
a particularly slow time for car sales.
"The closer you get toward Christmas, the lonelier
the dealer gets and the more likely they are to give you a better
deal," says Jack Nerad, author of The Complete Idiot's Guide
to Buying or Leasing a Car, and co-host of the radio show America
on the Road.
Experts say those deals may carry over to financing
as well, but new car shoppers should realize the month of December
is not the time most manufacturers roll out rebates and other incentives.
"In the month of December the car
business goes dead," Nerad says. "The general rule is there's not
much incentive activity in December."
Shop
for the money, then the car
Experts suggest checking out the best new and used auto loan rates
at banks and credit unions before heading to a dealership for some
last-minute shopping.
"Most people look at the monthly payment and say 'Fine, I can make
that' instead of looking for better rates," Nerad says. "Pre-shop
for financing and then let the dealer compete for the business."
And, while it makes sense to start
saving now for a big-ticket holiday gift such as a car, shopping
early doesn't make sense.
For one thing, rebate offers and financing incentives
fluctuate. The financing deal that catches a person's eye now may
not be available in five weeks, let alone five months.
"Those things come and go like the wind," Bragg
says.
In addition, it's awfully tough to keep a car
out of sight until the holidays.
"What am I going to do with it?" Nerad asked.
"You can't hide it in a closet."
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