Black Friday shopping may be best known for deals on flat screen TVs, toys and clothing, but shopping for a new car the day after Thanksgiving can be just as fruitful.
According to car pricing researchers atTruecar.com, Black Friday is the best day of the year to purchase a new car. Data on day-by-day car pricing for the last several years reveals that auto discounts on Black Friday are, on average, the biggest of the year.
“The discounts from dealerships, as well as manufacturers’ incentives, generate the highest discounts of the year on Black Friday,” said Jesse Toprak, an analyst for Truecar.com.
Unlike typical Black Friday sales in which prices are advertised well in advance, car prices are negotiated on the day of sale. However, Toprak says there has been a clear trend in discounted prices for car buyers over the past several years.
The average new car discount on Nov. 27 is projected to be 7.5%. The average discount the day before and after is expected to be just over 6%. On a typical day throughout the year, car shoppers usually pay about 4.7% less than the sticker price.
Truecar.com projected particularly large Black Friday discounts on certain models. For instance, consumers should be able to pay about 28% off sticker price for a 2009 Suzuki SX4 compact car, 26% off for a 2009 Nissan Titan or Ford F-150 pick-up or 20% off a 2009 Hyundai Sonata sedan.
Car dealers are making deep cuts in price on Black Friday to ensure shoppers find their way to a dealership on the important shopping day.
“There’s a lot of noise in the market that day, and we have to stand out,” agreed Brian Benstock, general manager of New York City’s Paragon Honda.
If you’re looking to beef up your fleet or just looking for a new car yourself, keep Black Friday in mind. You may find yourself on the good side of a real deal.
Photo courtesy of ryantxr under the Creative Commons License.