How to Get the Best Car Deals on Black Friday & Cyber Monday

If you’ve been looking to buy a car, you’ve probably opened your mailbox to a cascade of recent flyers for Black Friday car deals. 

But is buying a car on Black Friday better than any other time of the year? 

And where are the best deals to be found?

What to expect for Black Friday car sales

No question, dealers are coming out with the full court press towards the end of November. As Canada continues to rebound from the COVID-19 pandemic, many of the incredible incentives offered by carmakers to stimulate the economy are still in place or returning. It’s safe to expect that Black Friday deals are going to be even more aggressive. It could be a great time to buy a car.

Look for promotions on new vehicles like 0% financing from GM Financial or “90 days no payments”. FCA brands like Chrysler, Jeep, Dodge, and Ram roll out Employee Pricing Plus, dropping sticker prices by up to $10k. Ford will have up to 20% off the retail price on select models. 

Some of these Black Friday car deals are impressive. You can slash the price you’re paying for a new car by $10,000 or more, and saving that kind of cash is never a bad thing. But what you might not know is that: great deals are available throughout the year, not just Black Friday.

It’s also worth pointing out that some Black Friday offers are reserved for customers with great credit, which means a lot of customers are disappointed when they learn this at the dealership. 

But Black Friday isn’t the only time to get a good deal, and good deals aren't only reserved for customers with stellar credit. 

Let’s discuss how you can make the most of Black Friday and drive away in a car you love!

Best time to shop for brand new car sales

You’re in buying mode already. Browsing through all the store flyers piled high on your counter, your eyes are going to pick up on lower prices and better interest rates for new cars too. If you aren’t picky about the make, model, or trim level that you’ll be driving next, you just might stumble upon the deal of the year. 

But a pickup truck owner isn’t often willing to take the steal of a deal on a subcompact hatchback. And a hybrid sedan owner usually won’t go for a full-size SUV that’s thousands of dollars below MSRP. You’re looking for a particular style of vehicle, aren’t you? 

Black Friday is often NOT the best time to buy the specific car you’ve been eyeballing for months. While Black Friday MAY have the deal you’ve been looking for, there are other great times to go car shopping: 

• Model year-end is probably the best time to buy a new car. Prices get reduced at this time as dealers want to make room for next year’s inventory. 
• Overstock sales can offer incredible savings over retail pricing on new cars. This is when the manufacturer has a surplus of a certain model and needs to clear them out.
• Dealer demos also offer a bargain. If you can wait, keep an eye out for demonstrator vehicles. Trading off a few thousand kilometres for a discount while still being eligible for new vehicle perks is a good deal. 

But is there a better way to save money when buying a vehicle on Black Friday? What about the used car market?

Consider Black Friday used car deals

The downside about some of promotions on new cars (such as APR financing offers) is that they require a stellar credit rating. This caveat prevents a lot of car buyers from taking advantage of a good deal. But if your credit rating isn’t so stellar, don’t worry, there are still good deals out there!

Flip the dealership flyer over. See the used cars on the page? That is where some of the best deals are found this Black Friday and all year round. 

Not convinced that a used car is the way to go? There are good reasons to consider pre-owned vehicles on Black Friday: 

• Someone else pays the depreciation. Sure, you can take 15-20% off the manufacturer’s pricing on a new car. But new vehicles depreciate as much as 30% in the first year alone. When you buy a used car, someone else takes the hit on depreciation.
• Certified Pre-Owned (CPO) vehicles offer similar financing incentives to new models. For example, Toyota Financial Services offers competitive rates similar to promotional new car rates on Certified Pre-Owned models. If you have a good credit rating, Ford Certified Pre-Owned vehicle purchases are eligible for rates as low as 1.9%. 
• Buying a used car from a dealership means professional-grade inspection, servicing, and even renewed warranties. Even used cars that aren't CPO enjoy professional-level servicing and maintenance before being put on the market. Reliability is a concern for used car buyers, but those concerns are more common if you’re buying from a private seller.
• Used car sales aren’t determined by the manufacturer. New car deals on Black Friday are set out by the carmakers – the dealership doesn’t have influence on them, so there might be less wiggle room for price negotiation. However, the salesperson and manager to determine how much of a deal you’ll actually get with a used car. And you can use that to your advantage.

Leverage new car sales for a better used car deal

Black Friday is a great opportunity to get the best pricing of the year on a pre-owned vehicle! In fact, you’ll be able to use Black Friday's new car promotions to your advantage.

Dealers will be selling new cars primarily during these promotions. But used car inventory doesn’t get as much attention during this time, and dealerships need to move that iron too. Every day it’s on the lot costs the dealership money. 

Plus, there’s a very good chance the used car lot will be inundated with new inventory – trade-ins from the new car sales surrounding Black Friday. A big part of a dealership’s sales structure is maintaining the delicate balance between new and used cars on the lot. If there’s an influx of trade-ins, it can put pressure to liquidate cars, making your life at the negotiating table easier!

Getting ready for Black Friday 

Some incentives are available all month long, but some Black Friday car sales will be for just the day or the weekend. In anticipation of snagging a great deal, here's how you can get yourself ready ahead of time. 

1. Find your car in stock

2020’s car sales have been performing beyond expectations, and vehicle inventories are low in some cases. If you need your new car right away, don’t take a chance on being disappointed when you arrive at the dealership. Browse their inventory online and pick the model you want. Note the stock number. Since popular models may sell quickly, it’s a good idea to make a second and third selection. 

If you aren’t in a hurry, you may be able to save on an incoming unit or a factory order as well. 

2. Get preapproved for financing

Many Black Friday car sales are priced assuming you qualify for incentives based on a good credit rating. Whether you have perfect credit or not, getting preapproved for a car loan before you shop is good sense. You’ll be able to accurately choose a vehicle in your budget and you can shop confidently rather than wondering if you’ll even be approved of your car loan after such a long search. Get pre-approved now!

3. Test drive in advance

Salespeople are going to be busy on Black Friday, especially if the deals are HOT. If you already know what model, trim level, and features you want for your new vehicle, you can save yourself a bunch of time. Visit the dealership before the sale kicks in to test drive your choice (or ask the dealer to deliver the test drive to you). Plus, with a relationship already started with a salesperson, it will speed things up when you arrive in the dealership on Black Friday.

4. Get your trade appraised

A trade-in can unravel your deal if you can’t settle on a price. Before you visit the dealer on Black Friday, have a good idea of what you can expect for a trade-in value. Use online trade appraisal tools like Canadian Black Book to get a realistic trade-in value in advance. 

If you owe money on your trade-in, contact your lender to determine what your payout is to expedite the trade-in and financing processes.

5. Bring your financing documents along

The financing process can often be done on the same day or within a few days at most. To expedite your financing, bring along the supporting documents you need to get your loan approved and funded. You’ll need recent pay stubs, valid government-issued photo ID, proof of residency, and bank information to set up pre-authorized debits. 

6. Skip the perk

For the best deal on your car, try to negotiate any extras out of the deal. If the dealership is giving away a TV with every purchase, see if you can get a lower price without taking the TV. It might be a $5 or $10 difference in your bi-weekly payment.

Find a great deal with Canada Drives 

As part of your Black Friday preparation, it pays to get pre-approved for finance BEFORE you visit the dealership. 

Canada Drives is partnered with hundreds of used car dealerships nationwide to help buyers find the best deal on the vehicle they want. 

Here’s how it works:

1. Apply online in minutes and get pre-approved in hours. Nothing is worse than negotiating a deal and discovering your income or credit rating doesn’t support it. No matter your credit situation, Canada Drives helps you arrange finance before you start your search!
2. We’ll match you with a dealership that’s best suited to your budget and lifestyle. Don’t waste time searching across multiple dealerships in your area! Canada Drives will narrow down your search to a local dealership that can help. 
3. Save time at the dealership. While other car buyers are waiting on the finance manager, you can be in and out of the dealership faster than anyone else. Stop in for a test drive, sign the paperwork, and drive your car home. 

Whether you’re searching for the perfect used car match or you’ve settled on a new vehicle, Canada Drives can help you get the best price with the least hassle this Black Friday. Get started by clicking ‘Get Approved Today’, or call 1-888-865-6402.