In 2022, post-pandemic, new and used vehicle prices went through the roof. Car and truck prices have decreased since then, but the average new car price is still more than $47,000. Car dealer incentives for new vehicles can relieve some of the financial hit. However, buyers are still looking at hefty price tags and down payments.
When new car prices declined, used car prices fell, making the best used car deals even better. There are many reasons to buy a used car instead of a new one, from the significantly lower cost to the wide availability. But if new car rebates and other incentives have you on the fence, a better understanding of what’s really going on should help.
Car Dealer Incentives 101
Traditional dealer incentives are used by new car dealerships to boost sales of slow-moving inventory, make room for more desirable models, and other reasons. While buying incentives are widely available, they may not be the deal they appear to be. No matter the reason, traditional incentives at new car dealers are designed to benefit the dealership and manufacturers.
While used car dealerships don’t offer the same traditional new vehicle dealer incentives, the best offer something better—buyers’ incentives. You won’t find cash-back offers, manufacturer discounts, and lease deals—only the best used car deals. The average used car price is nearly half what a new car costs, creating a buyer incentive that can’t be beat.
New VS. Used Car Incentives
Flexible Financing
New vehicle financing deals are incentives offered by car manufacturers and their financing partners. Like with special rebates and most other incentives, buyers must have excellent credit to qualify. Additionally special financing offers may be offered only on short-term car loans like 48 months or less. Since these new car buying incentives are designed for a select few, there must be an affordable alternative for those with less-than-perfect credit histories.
At reputable used car dealerships like Car Time Supercenter, car buyers with good, fair, and even bad credit scores are always welcome. The established relationships with many local lenders allow dealerships to offer the best used car deal for any situation. We feature flexible financing and a wide selection of quality used cars at a fraction of the cost of new cars. Our experienced finance team helps drivers buy a car they’ll love and can afford.
Down Payment Assistance
The typical down payment for a new car or truck is around 20 percent of the purchase price. On average, you’re looking at a sizable chunk of money, up to a $10,000 down payment! The size of your down payment depends on vehicle cost, your credit scores, and other financial details dictated by the dealer. Because the size of your down payment is determined by and for the dealership, only buyers with very high credit scores qualify for low down payments.
Used car dealerships offer a practical alternative for car buyers without the luxury of an excellent credit score. Used car dealers know buyers need the affordable monthly payments and reliable vehicles they offer. Still, they also know the down payment can be a deal breaker. When drivers buy from Car Time Supercenter, they’ll get a car or truck they’ll love without a large down payment. Our Down Payment Assistance Program lets us get you behind the wheel for as little as $500!
Trade-Ins
Many car dealers can take the value of a trade-in and put that toward the down payment, so a trade-in could cover a significant portion of it. New car dealerships are notorious for lowballing trade-in values because they don’t get the attractive financing from the bank they enjoy on new inventory. But used car dealers don’t have that problem—our entire inventory is used! Car Time Supercenter can often take a trade-in and use it as your down payment for even more upfront savings.
EV Incentives
Electric vehicles (EVs) and hybrids offer eco-friendly alternatives with a cost to own of about half what gas-powered vehicles cost. Those pluses are incentives enough, but now used EV car buyers can get even more for their money. Certain used EVs and hybrids purchased after December 31, 2022, may be eligible for the new federal EV tax credit. While there are eligibility requirements for buyers and the vehicles, qualified car buyers can get up to a $4000 tax credit!
How to Get the Best Price On a Used Car
Learning how to get the best price on a used car starts at home. In addition to printing out a used car buying checklist, here’s your homework before you go shopping.
Determine how much you can afford for a down payment, monthly payments, and operating expenses.
Research the best used cars for your lifestyle and budget and pick a few candidates.
Head to Car Time Supercenter for those all-important test drives.
Use these tips to get the best used car deal.
Be Flexible
Selecting a few candidates for your next used car purchase gives you the flexibility to find the best deal. Be objective and compare each vehicle’s price tag, history, and financing options. If you can be flexible during the selection process, you can often find savings on a car you’ll love.
Prepare to Negotiate
If you’re learning how to get a good deal on a used car, you’ll want to learn a bit about negotiating. Many car dealerships will negotiate used car prices, terms, and offer other incentives. Do your research and determine the value of your candidates before heading to the dealership.
Be Strategic
Did you know Mondays and Tuesdays are typically the least busy days at used car dealerships? When you visit a dealer when business is slow, you often have more negotiating power than at other times. Trust us, if you’re the only car buyer on the lot, you’ve got the advantage! Another winning strategy is to check out key sales promotions at Car Time Supercenter.
