Black Friday and the surrounding sales period is already the best time to purchase a car according to iSeeCars, but this year may provide additional savings as dealers look to offload their inventory during a time of increased depreciation in used car values, due to an increase in off-lease vehicles entering lots.
New models also mean financing on still relatively new 2016 vehicles will become more attractive, according to Kelley Blue Book.
For example, Honda doesn’t have a specific holiday sale, but 2016 CR-Vs now, on average, lease for $199 per month over three years with $2,299 up front, reports Kelley Blue Book. Similarly, for $1,999 down, Accords and Civics on a three-year term lease for $199 and $179 per month, respectively.
Likewise, Hyundai Capital America is offering, for the month of November, 3-year leases as low as $179 a month on 2016 Accents, Elantras, and Sonatas, according to the OEM’s website.
“The average used car costs $19,040, so even just a 5% discount on that means $952 for consumers to spend on something else,” said Phong Ly, chief executive of iSeeCars. “[W]ith over 3 million cars expected to come off-lease this year, used car inventories will grow and make dealers even more anxious to move cars off their lots.”
Combine that with the usual savings experienced during this time due to the entrance of next year’s models around August, and consumers could be looking at a bargain, Ly predicts.
Car purchases experience 33.1% more deals on Black Friday compared to normal selling times, and Veterans Day and Thanksgiving were close behind with 32.5% and 30.6% more deals, respectively, according to the iSeeCars report.
