If you are in the process of buying a used car, you would be quite familiar with the words incentives, special offers and rebates. Essentially these deals come from car makers that motivate you to make the car purchase. Usually, the car rebates on new cars are common and seem to come from the car maker himself. Used cars carry less number of rebates as they are provided by the dealer. However, the advantage of a rebate means the same thing for you: paying less money for buying a car.
Rebate Hunting: Maximize the Potential of Your Deal
While hunting for rebates on used cars is a long process, you can find ways to maximize your savings by obtaining a good deal. Here are the best methods to reap the greatest reward out of your rebates while purchasing a used car.
R – Research Ideal Deals
With the progression of the trending digital world, it has become a lot easier to search for what you exactly want. If you are in search of a used car and wish to purchase it right away, it only makes sense to research for the best deals around. Use the medium of online portals, such as Edmunds, for getting an idea of the rebates that are offered on the car that you wish to buy. Also, visit your local car dealerships for understanding the amount and the validity time of the rebate.
E – Evaluate your options
As compared to new cars, where the rebates are uniform for every model and make, the discounts on used cars vary. For instance, if a dealer has six new Honda Civic cars of different models, the manufacturers and dealers put the same costs and know the exact amount to sell the car in order to make money in the process. However, if the Honda Civics are used, each one has been driven for different miles, are produced in different years and are driven in different conditions. Hence, individual selection of the used car becomes pivotal in securing a good rebate. Be flexible and select the car with the best rebate that suits your budget.
A – Always Negotiate
Even after you have received a decent rebate on your used automobile, you will have to put in extra efforts to obtain the best price possible. Make sure you start off by negotiating on the purchase price of the car. Once you have a reduced amount, you can mention the rebate and negotiate for a higher discounted amount. Another trick to obtain an even higher rebate is to shop around various dealerships and quote the lowest price that you received from a competitor dealership.
P – Pay Upfront
Cash rebates are a great way to make sure you are receiving the best deal on the table. Putting a good portion of money down will attract good rebates on the used car you wish to buy. Additionally, if you are down payment of more than 20% of the car amount, you will be paying consequently making lower & more comfortable monthly payments. Putting money down in the form of cash is the tool to extract high rebates and will ensure you make the most of the used car deal.
Make a Smart Buying Decision
Arming yourself with enough information about the available rebates in the market will go a long way in deciding how much rebate you receive. Purchasing a used car during the end of the financial year or the end of a quarter will give you the required leverage for rebate negotiation as most dealers wish to create shelf space for new cars. All in all, go with enough confidence and a smart attitude and you shall be in the best position to receive the best incentives on a used car.
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