Huge end-of-year sale/must make room for new models: Dealers love to say it's the biggest chance of the year to save the most money on a new car (it may be new, but it's last year's model). In some ways, they might be close to telling the truth. It might be true if you keep the soon-to-be-year-old car for seven years or more -- long enough to drive it into the ground -- and don't figure on getting much for it when you sell it. However, if you usually sell or trade in your car every two or three years, buying a year-old model could cost you big-time.
Buy this car at below-invoice price: Don't let the dealer convince you he's selling that car at no profit just because it is at invoice or below. The invoice price does not necessarily mean that's what the dealer paid for it. He may be getting a rebate, and he is definitely getting a dealer holdback fee from the manufacturer. This is a percentage of the price held back by the manufacturer when the dealer buys the car and paid to him when he sells it. Depending on the car, it usually ranges between 2 percent and 3 percent of the manufacturer's suggested retail price. So make sure you are getting the real invoice price. How? Again, both Kelley Blue Book and Edmunds are excellent resources.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
A little research could save you BIG on interest.
General Motors (GM) has issued yet another six recalls, totaling nearly 718,000 cars in the United States.
... Read more