Car market looking better for buyers
If you’re looking for a new ride, now may be the best time to buy. Edmunds.com reports the week between Christmas and new year’s will be the busiest car shopping time this year.
They credit low gas prices and a better economy for this rise in car sales. Also the website suggests many car dealers will be offering their lowest prices on 2014 models to get them off the lot before the new year.
Its what car-buyers like Amanda Parrents are doing in these last few days of the year.
“I knew that it would be the best time. You know, the dealerships are under pressure,” Parrents said.
Edmunds.com projects close to 4 million cars will be sold this month nationwide. One and a half million of those will be new, up more than 10 percent from last December.
Buick GMC Paducah car dealer Larry Stovesand said it’s their biggest sales week of the year. He said they start preparing in September for these last car sale days. He said in the last week of December he plans on selling almost as many cars as he did in the first three weeks.
“That’s when the manufacturers throw the most cash on the hood. So, it’s our job to make the deal, but as far as the economy goes, that’s as cheap as you’re ever going to get that car,” Stovesand said.
Not to mention an increase in new car sales for Kentucky. Since July, a new law lets buyers trading in their car for a new one pay a six percent sales tax on that difference. That means you pay tax on the price of the new car after taking off the difference of the car you traded in. Before, you had to pay sales tax on at least 90% of the MSRP.
“Since we’ve had that change in the tax we’ve seen a deliberate bump in new car sales,” Stovesand said.
Edmunds.com suggests researching car prices online and saving them on your smart-phone so you can compare prices with dealers in person at car lots. The site predicts year-end incentives will save shoppers an average of 10 percent on the MSRP of 2014 models.