Purchasing a brand-new car is a significant expense. Even the cheapest model is not actually cheap. You must release thousands of dollars out from your bank account to buy the vehicle of your choice.
Fortunately, various dealers and manufacturers have vehicle rebates. These rebates will help buyers lessen the actual cost of acquiring a car or truck. Of course, for the dealerships, such a policy is also an excellent means to attract customers.
Moreover, certain government organizations give rebates, too, especially for energy-efficient cars.
How To Take Advantage Of Car Rebates
Before you buy a new truck or car, it is essential that you search for possible rebates that you can avail of. In this way, you will be able to save some money even before you go to the dealership. A little homework is not that bad, after all.
Here are some of the things that you should do.
- Create a list of the vehicles that you want. Ensure that the features and specifications of these cars fit your qualifications and preferences. Of course, make a list based on your budget. Don’t go for those units that are above the amount that you are willing to spend. Being able to list three to five models is already good enough.
- Once you have the list, head to the website of their respective manufacturers, look for them, and see if they are under certain promotions or rebates. If you can’t find anything, don’t give up yet. You can contact the manufacturers and dealers for an inquiry. If they have incentive programs that you can apply, go for them.
- Don’t forget to put the rebates and actual vehicle prices in comparison. You have to assess if the rebate is enough to cover a significant amount of the price tag. Also, you need to do this so that you can negotiate the vehicle for a lower price, especially if it is carrying a bigger incentive. It is a nice compromise to explore since it gives you payment flexibility.
- Before you head to the dealership, you need to decide on how you are going to use the money that you can get from the rebate. For many people, they will use the money to apply for car loans so that their payment will decrease. Others will take advantage of it to get some vehicle features that are excluded from the original purchase. Of course, it is not surprising if some would just keep the money for emergency purposes. They can use it for repairs, maintenance, and other unforeseen expenses.
- Whenever buying a truck or car, it is essential that you don’t bring up the rebate topic right away. Some dealers will mention the rebates to attract potential clients to buy the vehicles immediately. However, others keep it as a secret, and will just let the buyers do the research about the rebate. Either way, the rebate will never come out from the pocket of the dealerships. Therefore, it should not affect the price of the unit that you want to buy.
There are government rebates that you can apply. However, they are extremely few, and they only apply to specific car models. One of the known ones is the “Cash for Clunkers” rebate, which happened between 2009 and 2010. This particular rebate was implemented to improve the emission quality of vehicles and promote growth in the car industry.
Meanwhile, other government rebate programs provide tax credits if you purchase electric or hybrid vehicles. Keep in mind that these rebates are not easy to find. Therefore, it would really be best to contact the manufacturers and related state departments if such rebate programs exist in your area.
Other Useful Tips
- Manufacturers will not hesitate to offer rebates on their vehicles if they need to clear their inventories already. Hence, most of the sweet deals take place in early fall and late summer. These are the periods where inventories need to be emptied.
- Never make the rebate a component of your deal whenever you want to negotiate the price of a vehicle. Just restrict the compromise to the cost of the car.
- Opt to apply the money you get from rebate to your car loan. It will help in lowering your balance and interest.