‘Consumer Reports’ names its top 10 Memorial Day car sales
In addition to road trips, reunions and barbeques, Memorial Day weekend is also a popular time to get a new car.
Alec Gutierrez, a senior analyst for automotive research firm Kelley Blue Book, points out that Memorial Day is one of several major holidays, including Labor Day and July 4th, that tend to draw lots of customers to dealerships because so many consumers have an extra day off to devote to car-shopping.
He also points out that dealers and auto manufacturers are more likely to push incentives and deals in an effort to meet sales goals.
“May tends to be one of the strongest selling months of the year thanks in part to Memorial Day weekend sales,’’ Gutierrez said.
His advice for car-shoppers is to come to the dealership armed with research on what kind of car the consumer wants and how much they expect to pay for it.
As a way to jump start that research process, Consumer Reports shared its pick of 10 vehicles with decent discounts available this weekend. All vehicles listed performed well in Consumer Reports testing and earned the magazine’s “Recommended’’ label.
10 cars offering significant savings on Memorial Day weekend:
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While these deals are great news for someone already looking for one of the vehicles mentioned, Consumer Reports automotive editor Mike Quincy recommends consumers focus on finding a vehicle that works for them instead of finding a good bargain.
“Don’t be seduced just by a great deal,’’ Quincy told Boston.com in an email. “While there are numerous other models with tempting deals, some cars with big new car incentives come up short in Consumer Reports testing, underscoring the need for shoppers to do their research.’’
This research should include finding a fair purchase price for any vehicle you’re interested in buying and getting pre-approved for financing from a bank or credit union.
Gutierrez of KBB recommends consumers connect with the dealership’s internet sales department to research what you could expect for a potential trade-in vehicle.
“Let them know when you plant to come in and what your expectations are on a purchase and a trade,’’ said Gutierrez. “It makes for a more seamless process.’’
Quincy also points out that if consumers are patient, they can find a good deal on a car at other times during the year.
“Keep in mind that Memorial Day is not the only time of the year to get great deals,’’ he said. “The 4th of July, Labor Day, Thanksgiving are all holidays used by automotive retailers as an excuse to roll out incentives to produce more traffic to their stores.’’
Quincy also said that any 2016 model year vehicles will be considered a 1-year-old car by the summer and fall. This will mean the car will face a “painful’’ depreciation hit initially. But the more use the consumer gets from the car, the less painful the depreciation will be.
“The equity impact will balance out over time, should you hold the car for several years, and especially if you log more than 12,000 miles a year,’’ said Quincy.
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