If you car is on its last leg and you're looking to buy a new car, now might be the time to do it. Three years ago car dealers leased more than 3 million cars and now they're back flooding the market, pushing prices down.
Tim Jackson with Colorado Automobile Dealers Association says, now that the majority of those leases are up, there are a lot more choices when it comes to buying. "It really creates a great opportunity for somebody in the new or late model market to have more choices in the market place."
Before you buy, there are a couple questions you should ask yourself. Do I want a certified pre-owned car or do I want to lease a car? And, how much am I willing to spend?
Jackson said, "If you are not sure if it's going to be a long term need or if it's going to be a short term need, the lease option might be the way to go. Again it makes the payments lower in a designated period of time and then the responsibility is off you."
If you don't want to be restricted on the amount of miles you put on your car, Jackson recommends looking into getting a certified pre-owned car. "If you are going to be in the vehicle for the foreseeable future 6,10, or even 12 years and you think that vehicle will meet your needs then buying the vehicle might be the better option."
Before you buy, here are 3 things you need to know to get the best deal.
First, get quotes from multiple dealerships on the car you're eyeing.
Second, shop during off hours. Going to the dealership during the weekday could mean that you'll compete with fewer customers, which may make it easier to get a good deal.
Last, before you talk about rebates and incentives, lock in the purchase price right away. If the car you're considering has a cash back offer available, have them subtract the difference after you've negotiated a price, not before.