If you’re in the market for a new car but missed all of the big Christmas sales, don’t worry. The end of the year is perhaps the most popular time to buy a car, truck, or SUV. However, this does not mean that car buyers will not be able to get good deals in the course of 2021. With the country finally looking to see some light at the end of the 2020 tunnel, the auto industry is ready and waiting to compete for dollars when the economy recovers. This is good news for anyone who needs a new set of wheels.
It’s going to be a good year for car buyers for a number of reasons. Money is cheap to borrow right now, automakers have good deals on finance and cash, and last year’s models are in the bargain. As a side bonus, there are dozens of 2021 models that are cooler, more powerful, faster, more spacious and more luxurious than anything before.
Now is a good time to borrow money to buy a new car – or a house, or a jet ski, or pretty much anything else that needs funding. In response to the coronavirus, the Federal Reserve cut interest rates so drastically that lending rates are the lowest in years, meaning borrowers can get more vehicles for less money in the long run. However, once the economy recovers, these rates will almost certainly increase – along with your monthly payments.
The late deals that make the Christmas season at the right time to buy a car don’t all go away when the calendar changes. For example, General Motors offers both cash and finance deals that are customary for late year sales for most of its top of the line Chevrolet lines of cars, trucks, and SUVs through the new year. Ford is one of several automakers to offer special discounts to frontline workers and other programs related to pandemics through 2021.
Winter is the season of buying cars as dealerships cut prices on current models to make room for next year’s inventory. They never sell anything. The same dealers will continue to try to outsource 2020 models later in the new year, and according to Capital One, people who are flexible about features and colors can get great deals by buying leftovers with low inventory.
Use cars. com or some other free database to find vehicles in your area with remaining stocks much lower than the 2021 model of the same vehicle. The sweet spot for the best discounts is when dealerships have a leftover vehicle below stock of around 10% compared to the current year’s model.
Those who really want to save a lot of money on 2020 models should consider those that are at the end of their production. Discontinued models are especially difficult to sell, and dealers go out of their way to get rid of vehicles that have been abandoned by their nameplates. That said, you can expect to find particularly cheap deals on 2020 vehicles that are the last of their kind, like the 2020 Chevy Malibu, Acura RLX, BMW i8, Buick Regal, Toyota Yaris, Lincoln MKZ or Continental, the Kia Optima or the Honda Fit.
There are many financial incentives for buying a car in 2021, but one reason is invaluable – it’s going to be a really great year for hot new models. The redesigned F-150 and new RAM 1500-TRX are the talk of the town in the trucking world, and the long-awaited 2022 Hummer EV will arrive later this year.
Premium SUVs include the new Buick Envision 2021 – the loss of the Regal means Buick is now an exclusively SUV maker – and the Cadillac Escalade. The resurrected Ford Bronco and Bronco Sport are finally here, as is the Mustang Mach-E, and the list of exciting new models goes on and on.
Electric Vehicle, Sport Utility Vehicle, 2021
World News – AU – Why 2021 is a Perfect Year to Buy a New Car
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