Car dealerships often run attractive specials that make it possible to get your dream wheels at a friendlier price.
However, waiting for these specials can prove to be a lesson in patience and it’s not always guaranteed that the specific vehicle you’re after will be eligible for the deal.
Pre-owned car platform Motus Select said that while a special can be a welcome method for saving on your purchase, it could be more beneficial to just go out and buy the car as soon as you have the funds available to do so.
Pros and cons of car specials
Car specials come in many forms to enhance the value of the deal, most notably:
- Special sales
- Demo prices
- Delayed instalments
- Extra add-ons included in the normal purchase price
The two biggest advantages to finding such opportunities are that they can help you save money or purchase a better vehicle without spending more.
On the other end of the spectrum, a major con of a car special is the fact that you have to wait for it to pop up, as dealerships usually don’t publicly announce upcoming discounts, deals, or other campaigns.
“If you are already in car-buying mode, you will find this frustrating and may even question if it’s worth the wait,” said Motus.
Additionally, since these deals can arise at any time, you may not have the finances available when they do and could therefore stretch your wallet too thin for fear of missing out.
These promotions are also subject to certain terms and conditions that could be detrimental to your financials in the long run, such as a sizeable balloon payment that is due at the end of the contract.
Lastly, “limited stock can hinder your plans and lead to you making rash decisions without doing all your homework,” said Motus.
Pros and cons of buying now
If you already have the money and know which ride you want, waiting for a special can be a fruitless exercise.
Buying the car right then and there means you won’t have to worry about stock shortages or processing issues – which are two notable setbacks with dealership promotions.
“Unfortunately, the biggest con of buying a vehicle right now is that you are paying a market-related price,” said Motus. “This means that you are unlikely to save any money.”
Keyword: Waiting for car specials vs Buying now – Pros and cons