Navigating the Holiday Car Buying Season: Expert Insights for Savvy Shoppers

As the holiday season approaches, many consumers are gearing up to purchase new vehicles. Ivan Drury, the director of insights at Edmunds, joins Wealth! to share valuable tips and strategies to help you secure the best deal on your next car purchase.

Unlock the Secrets to Scoring the Perfect Holiday Car Deal

Leverage Price Comparisons for Informed Negotiations

Drury emphasizes the importance of price-comparing vehicles to understand what other consumers have paid. By researching the actual transaction prices, you can gain valuable insights into the fair market value of the car you're interested in. This information can empower you to negotiate more effectively and ensure you're getting a fair deal.Delving deeper, Drury suggests exploring the interest rates that other buyers have secured. This knowledge can provide a clearer picture of the overall cost of ownership, allowing you to make a more informed decision and potentially negotiate better financing terms.

Navigating the Shifting Landscape of Electric and Hybrid Vehicles

While the demand for electric vehicles (EVs) has seen a recent decline, Drury reveals that this presents an opportunity for savvy shoppers. "You can get a deal on those almost universally," he explains, highlighting the potential for significant savings on EV models.On the other hand, the hybrid vehicle market has regained focus for many consumers. However, Drury cautions that some popular hybrid models may have waiting lists, requiring a more proactive approach to secure your desired vehicle.

Prioritizing Practicality over Flashiness

Drury observes a shift in consumer priorities over the past two years, with a renewed emphasis on practical transportation. "A lot of flashy stuff not selling as quickly, people can just go to point A to point B in a reasonable manner," he notes.This shift is partly driven by the rising interest rates, which have made the cost of ownership a more significant factor in the car-buying decision. Drury advises focusing on the vehicles that can meet your daily needs, rather than being swayed by the latest trends or features.

Test-Driving for the Perfect Fit

When it comes to finding the right car, Drury emphasizes the importance of test-driving vehicles on the roads you regularly travel. "You got to drive roads that you drive on a regular basis and think about all the different use cases for it," he says.Beyond considering the vehicle's performance, Drury cautions against ignoring any nagging concerns that arise during the test drive. "If there's something, that one thing that nags at you while you're test driving, that could cause you to come back to the market too soon," he warns.By taking the time to thoroughly evaluate the car's suitability for your specific needs and driving conditions, you can increase the likelihood of finding a vehicle that you'll be truly satisfied with in the long run.