Yahoo Autos Can You Really Get a Great Car Deal on Presidents' Day?
The three-day fervor of consumer car lust known, generically, as the "Presidents' Day Sale" results from a spectacular convergence of cultural and economic factors that just happen to coalesce around George Washington's and Abraham Lincoln's birthdays. Smart car buyers will leverage the marketing hoopla to their advantage. Here's how.
Why There Are Good Deals On Presidents' Day
After cocooning indoors through the winter months, Americans are starting to emerge into the real world during mid-February. The worst of the vortex is back to being polar. The NFL season is finally over. March Madness isn’t until, well, March. And Major League Baseball's opening day isn’t until March 28. Some of the accumulated Christmas-time debt has been paid. And the Groundhog Day ritual reassures us that Spring is inevitable. Americans are, basically, ready to get out of the house. That opportunity is amplified by the fact that more than a few consumers have money to spend.
While many taxpayers are still looking at filing in far-off April, those with straightforward returns who file early can get their refunds back around-you guessed it-Presidents' Day. Even if consumers don’t have an IRS check in hand yet, many are already anticipating its arrival. The average refund in 2018 was $2,727 according to businessinsider.com, which gives you an idea of how much discretionary money the average American suddenly has on hand during tax season.
Understand That the Dealer Knows More Than You
Car dealers, as shocking as it may be to learn, see massive opportunity. A tax refund makes for a good down payment on a new car, crossover or truck, particularly when combined with a trade-in. The best tool anyone has in any negotiation is the self-knowledge of one’s own limitations. Car dealers are smart, savvy, and they’ve already been through decades of Presidents' Day sales. They know what they’re doing. You, on the other hand, likely only buy a new car every few years. Don't walk into any dealership confident.
Scrutinize the Deals Carefully
Presidents' Day sales are well-planned events, and they're happening at dealerships across the country. Most deals are regional or even local to a zip code or individual dealership. Look carefully at any advertised deals. Many carmakers ramp up incentives or attractive financing rates to support their dealer groups, which gives the dealers a more attractive selling proposition and you the opportunity to save.
What's more, in February many dealerships still have a few of last year's stragglers on the lot – and those may be the enticements used to draw you into the dealership. With 2019 now in full swing, those 2018 models are depreciating assets; dealerships want them off the books ASAP in anticipation of thicker margins on 2019 models. That in mind, if there's a leftover 2018 model you want, go in knowing that and get it. Don’t get distracted by something newer and shinier.
Stay Focused On The Vehicle You Want
From the dealer's perspective, the point of a Presidents' Day sale is not to get you to buy some loss-leader advertising special, but to get you into the dealership in the first place. Dealerships, and the marketing departments at all the manufacturers, know that car buyers will visit, at most, three dealerships before buying a vehicle. The goal of practically all their marketing efforts is to ensure that their dealership is one of those three.
To fight that, know what you want before you head into the dealership. If you want an Accord, don’t stop at the Toyota dealer first because they’ve got a bouncy house for the kids on Presidents' Day. Be serious, stay focused.
Don’t Negotiate In A Crowded Dealership
If a Presidents' Day promotion is successful, the dealership will be stuffed with ripe buyers-and when dealerships are busy, they're actually under the least pressure to negotiate a great deal. So be careful. Pay attention to the details. Because unless you’re going into a dealership with a radar lock on an advertised special, and have the fortitude to avoid all other temptations, Presidents' Day weekend might actually not be the best time to get the alpha dog super deal. That's particularly true about vehicles that are in high demand-which is a fact you should know about the wheels you're interested in purchasing. And remember, no matter what the day is, the ultimate power of any buyer is to walk away-which is not always easy to do.
Another Day May Be Better
If you're not getting the deal you hoped for, here's a trick to consider: wait until the Thursday after Presidents' day. Then go back to the dealer. When the sales people aren’t distracted by crowds, and kind of bored and lonely and feeling like they need a sale, you could well have additional bargaining leverage. And expect to negotiate. You might find that that Presidents' Day deal has been extended a little while longer.
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