Buying a new car can be an expensive task. However, you can often save a lot of money by being aware of and acting on various rebates and incentives offered by manufacturers and car dealers. Many prospective buyers aren’t aware of these programs, until the dealer themselves tell them.
Most times, manufacturers offer rebates and incentives to try to get rid of cars that aren’t in high demand. This is particularly the case these days. This is because the automotive industry is suffering from decreased sales. A while ago, Toyota had to issue a widely publicized recall. Not many people were visiting Toyota dealerships shortly after that happened. In response, they started issuing rebates and incentives to try to get more customers in the door. This was a great time to get a Toyota Corolla or Toyota Prius, for example, for a great deal.
There are many different types of rebates and incentives that you may not know about. You can easily find information about some of the ones available to you by going here: New Car Rebates – InternetAutoGuide.com or HERE. In the meantime, here are some of the most common that you’ll find:
An incentive to buy or lease a new car. The manufacturer’s financing division will offer you lower interest rates on a new loan in order to entice you to buy a new car. However, there is one disadvantage of this. In order to get this incentive, you will need to meet strict eligibility requirements. You likely won’t qualify if you have less then great credit, especially nowadays, because bad credit auto loans mean that the buyer should be happy to get a car in the first place—incentives nonwithstanding.
Dealers will also offer cash rebates. They are very common to find. After you have bought the car, you will be entitled to a cash rebate. This can range anywhere from a few hundred dollars to a few thousand. There are various ways that you can use these cash rebates. You could request a check in the mail. You could also use the money toward your down payment. If the rebate is high enough, it could provide all the money you need for your down payment. However, most people combine the rebate with what they’re already putting down so that they don’t have to finance as much money.
You may also find dealerships that are offering loyalty rebates. In order to get this rebate, you will have to own a car from the dealership. For example, if you owned a Ford Explorer, you may be entitled to a loyalty rebate if you go back to the dealership to purchase another Ford car.
There are also conquest rebates. As their name suggests, they are the complete opposite of loyalty rebates. You may be offered a rebate if you’re driving a certain type of car and the dealership wants you to switch brands.
There are also rebates depending on what you do for a living. Manufacturers commonly offer rebates for students. This enables them to get their first car for a slightly cheaper price. Military personnel are often offered rebates too. In order to get this type of rebate, you will need to provide proof that you’ve actually served in the military though. Also, check with your employer as many large corporations have some ties to the auto industry.
Interested in a hybrid, or other green car? You’ll often be offered rebates and tax breaks whenever you purchase one of these vehicles. There are both federal and state incentives and credits to encourage people to buy these cars.
There are certain times when you’ll find plenty of rebates and incentives to choose from. Whenever new car models come out, dealerships may have models left over from last year. They will often offer rebates in order to get rid of this excess inventory. Another good time to go shopping for a new car is during the holidays. Most people are focused on buying other things during this time of year.
It’s important that you not talk about the rebate when negotiating the price of your car. Instead, wait until you’ve come to terms before telling the salesman you want to accept the rebate.
Now that you know how many are available, you’ll just need to search for ones that you qualify for, and what type of car you’re looking to buy. There are some sites out there that promise to get you a car for below invoice (for example this site), but with some nice outgoing models and sweet rebates, you may get the same price with no hassles.
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