Labor Day deals come early for some cars
Summer is wrapping up, which means Labor Day is around the corner.
If you’re still mulling buying a new car, this may be the time to act. For car dealers who want to make room for the 2016 models, Labor Day weekend is the last hurrah to move 2015 cars off the lots, which can lead to generous offers.
Casey Bond, editor-in-chief of consumer finance site GoBankingRates, said there are already several generous deals to be found. Bond sees this as a sign of how motivated dealers are to move their 2015 fleet.
“We were surprised to see so many deals this early, because most dealers wait until we’re closer to Labor Day,’’ Bond told Boston.com in a phone interview. “It’s indicative they are trying to clear out their lots for the new models.’’
Part of the reason for earlier availability of car deals may be because Labor Day weekend falls later in the year that usual (September 7). For dealers, this means they have slightly less time to move 2015 vehicles from their lots.
GoBankingRates recently published their picks for the top Labor Day car deals. But Bond urges consumers to make sure they are getting a deal that works well for them.
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[You can find local deals on the below cars and many other new vehicles here. If you’re in the market for a used car, Boston.com has deals on those too.]
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“Just because it’s a deal doesn’t mean it’s a good deal,’’ said Bond. “[Consumers] should do due diligence and make sure the terms of the deal are really offering value.’’
For example, she advises consumers to avoid long-term payment deals that exceed four or five years.
“Then it’s pricier than what is beneficial to them,’’ said Bond. “Buyers should look at the lifetime cost [of a vehicle] more than what it costs on a monthly basis.’’
Bond warns most deals are only applicable to consumers with excellent credit scores. She also encourages buyers to check with their local dealers because deals and their conditions can vary from location to location.
And as Jeff Bartlett, deputy auto editor for Consumer Reports, told Boston.com there are downsides to buying at the end of a model year, namely that a new car bought will depreciate by a full year’s worth “almost immediately.’’
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