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How much of a discount can you expect buying a new car at the end of the year?
Wiki User
∙ 12y ago
You can expect to save as much as 10% but BEWARE!
You know the story about when you drive the car off of the lot, it loses 25% of it's value immediately, right? Well, if you buy a car at the end of it's model year, you might save $2000, but it's worth even LESS because there is a newer model available! You'll be upside-down on the loan for that much longer and will be forced to own it for up to 4 1/2 years before it's trade-in value matches or exceeds what you own on the loan. If you plan on keeping the car for a long time, it's not a bad deal. If you like to get a new car every 3 or 4 years, forget it!
You will typically fare better buying end of year European or Asian import cars and keeping value than you will an American car. I'll give you an example.
In November of 2000, I bought an Oldsmobile Alero loaded. MSRP was 24,000 and I paid $21000 thinking I got it at a steal. When I drove it off of the lot and went home, I looked up the book value of the vehicle and since the 2001's were already out, my car was only worth $16,000.00 with 20 miles on it... Crazy huh? It get's worse...
I kept that car for 4 years, and even then, I traded it in and still owed about $3800 for it, they gave me $2000.00. (book trade-in was $2200 and resale was $3300) I ended up having to finance the difference. Now I'll be stuck in my new car for almost 5 years before I can trade it in for something else and not still owe.
I could have bought the base model 2001 Alero for $16,000 and the dealer told me he would have given me $3500 for a 2001 base model.
Moral of the story is, a year makes a big difference.
Wiki User
∙ 12y ago
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