How to Get a Great Deal on a Luxury Car
Buying a car is a huge expense. The Huffington Post calls choosing a brand new car to purchase one of the 10 most important choices people make in their lifetime. So when you’re ready to buy, it’s important to pick a car that you truly love. Unfortunately, most of us would love to drive and own a luxury car, the ultimate status symbol on the road — and few of us can actually afford a luxury vehicle.
If you’re in the market for a new car and on a budget, you probably think a high-end model from an upscale brand is unaffordable. However, you can own the luxury sedan, SUV, or crossover of your dreams. You just need to know how to get the best possible price. Research shows that several luxury models are competitively priced and fit a wide range of budgets. If you know how to look for deals and are willing to negotiate, you may discover that the luxury car of your dreams is within your budget.
Here’s how to find the best deal when shopping for a luxury vehicle.
Look for Discounts Online
Start your luxury car search online. Visit a variety of websites, including those belonging to automakers, rental car companies, and auto sale companies to hunt down publicly available discounts and incentives. Compare these discounts and determine whether they can be combined with special financing options and cash-back awards. The goal is to compare and combine; you want to utilize as many discounts and incentives as possible once you head to the dealership. But don’t limit your search to dealerships’ and automakers’ sites alone. Check online market sites, newspapers and trade magazines as well. Look in the new and preowned luxury car sections for special offers or sellers offering discount pricing.
Visit Dealerships (But Don’t Buy)
Stop by dealership lots during the first two weeks of the month to confirm the incentives you found online are valid. Ask if any others are available. Automakers often have regional incentives as well as the nationally advertised discounts, and your local dealerships may need to make sales by offering even more appealing incentives. You could score money-saving incentives like recent college graduate and AAA member discounts. Just make sure you don’t make any commitments to purchase a vehicle during these initial visits — you don’t want to make the dealership think you’re ready to buy and ruin negotiations before they begin.
Shop at the Right Time
You will often get the best deal by waiting until the last few days of the month or quarter. If the dealer is behind on its sales quota, they may be more willing to offer a good price to close a sale. Dealers may also get what is called a stair-step incentive from the automaker for meeting specific sales goals. Additionally, a dealer who is close to the next incentive bracket may be more willing to negotiate. Another advantage lies in visiting and shopping at large luxury dealerships: bigger dealers often have higher incentives and may be able to offer better pricing than smaller automotive dealerships.
Buy a Poorly Selling Model
Every car brand has its popular models — and luxury brands carry some of the most sought after cars in the marketplace. However, even luxury automakers produces cars that just aren’t a huge hit. So, turn your new luxury car search to less popular or poorly selling models. Lagging sales mean the dealer will be more inclined to offer a steal of a deal to move the inventory. Look at published sales figures and read reviews to determine which luxury cars have sluggish sales and fits your needs. Many high-end vehicle lineups also include an entry-level model priced lower than the other vehicles. These models may provide the features and performance you are looking for at an affordable price.
Be an Informed Buyer
If you do your homework, you’ll be equipped with the information needed to get an excellent deal on a luxury car. Gather as much information as you can before visiting the dealer’s showroom so that you can determine whether the sales price is a good deal. If the dealer knows you’re well-informed, you’ll be in a better position to bargain for a good price. These tips, along with a willingness to negotiate, will help you get a luxury car for a price that fits your budget.