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The end of summer around the corner (I know, I don’t want to admit it either), and it's time to start looking at some of the upcoming end of the year sales. For dealers, Labor Day signifies the single largest weekend for car sales of the year.
Labor Day is one of my own personal favorite holidays. My family hosts a golf outing that I’ve never won; we have drinks, hot dogs and hamburgers cooked the good ‘ol American way, and some much needed family time.
But for dealers, Labor Day has a whole different meaning. While most of us are out picking up supplies to host the biggest BBQ of the year, the dealers are gearing up for the biggest day of the year in car sales.
So why is Labor Day such a big deal for dealers?
Labor Day signifies a perfect storm scenario for dealers. Smack dab in the middle of the slowest car sales months, Labor Day is an opportunity for dealers to stir up some interest during these dryer months.
Pushing large sales riles up interest and brings in customers that may have been putting off buying a car for a month or two.
Another element to the storm is Labor Day weekend is right at the end of the month. Why is this important you ask? Quotas. Dealers have quotas and sales goals that they must hit every month to make their profits back. Typically at the end of the month, they are more willing to accept lower offers to make quota. As Labor Day weekend spans the end of August and early September, the dealers usually are more willing to work with customers on price, typically resulting in deals that fall far short of the invoice price.
Further adding to the perfect storm is the fact that next years models start showing up on dealers lots right around this time of year. Dealers are ready to get rid of last year's models to make room for the new inventory. This means they are willing to cut prices to move some of the unsold inventory.
On average, customers save just over $3,000 when buying on Labor Day weekend. That can add up to $50-$100 a month depending on your interest rate! That's a lot of hamburgers and hot dogs.
Before you head out, look into financing. Getting a pre-approval will save you from being forced into using dealer financing and can give you a large bargaining tool to make a deal. It will save you the hassle of having to arrange financing at the dealer and save you money by giving you the opportunity to shop around for the best financing special.
Labor Day is a great day for celebrating, with a rich history dedicated to American workers, but as it turns out, it’s a great time for those American workers to get a great deal on a new car.
So, if you are thinking of getting a new car anytime soon, consider shopping over Labor Day weekend, and get yourself a great deal.
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