Every year, car manufacturers release new models, leaving dealerships with the previous year's inventory—commonly referred to as "leftover cars." For savvy shoppers, these vehicles represent an incredible opportunity to save big, often at prices slashed by as much as 50%. For those interested in such deals, this guide provides detailed information about the purchasing process.
1. Understand What "Leftover Cars" Are
Leftover cars are brand-new vehicles from the previous model year that haven’t been sold by the time new models hit the showroom floor. While these cars might lack the latest features or slight design updates, they still come with full warranties and the reliability of a new vehicle.
2. Why Dealerships Offer Big Discounts
Dealerships need to clear space for incoming inventory, and holding onto unsold vehicles costs money. To incentivize buyers, they reduce prices significantly. Banks, such as Bank of America, sometimes partner with dealerships to finance these purchases at competitive rates, making the deals even more attractive.
3. Steps to Buy a Leftover Car
a) Research Before You Shop
Start by identifying the makes and models from the previous year that interest you. Use online resources to compare specifications, customer reviews, and typical pricing. Websites like Kelley Blue Book or Edmunds can help you determine the fair market value.
b) Visit Multiple Dealerships
Don’t settle for the first offer you receive. Visit several dealerships to compare prices, incentives, and financing options. End-of-year sales events are particularly lucrative times to shop for leftover cars.
c) Negotiate the Price
Even though leftover cars are already discounted, there’s often room to negotiate. Leverage market research and competing offers to lower the price further. Mentioning cash payments or pre-approved financing can strengthen your bargaining position.
d) Check the Financing Options
Banks like Bank of America frequently offer special financing for leftover vehicles. These rates can sometimes be lower than dealership financing, saving you even more over the life of the loan.
4. Benefits of Buying Leftover Cars
Lower Purchase Price: Substantial discounts make these cars budget-friendly.
Full Warranty: Despite the lower cost, you still get the full manufacturer’s warranty.
New Car Reliability: Leftover cars haven’t been driven, ensuring the same reliability as current-year models.
5. Timing Is Key
The best time to buy leftover cars is at the end of the calendar year or during special promotions, such as the one currently offered by Bank of America. During these periods, dealerships are most eager to move inventory.
6. Inspect Before You Buy
Although leftover cars are new, it’s essential to inspect them thoroughly. Look for signs of prolonged exposure to the elements, such as paint damage or tire wear. Ensure all features are in working order and ask for a test drive.
7. Seal the Deal
Once you’ve negotiated the price and secured financing, review the purchase agreement carefully. Confirm that all agreed-upon terms, including discounts and warranties, are in writing before signing.
The Best Deals Available Now
The following vehicles are among the best deals you can grab right now:
- Toyota Camry: Known for its reliability and fuel efficiency, the Camry is a great choice for families and commuters alike.
- Ford F-150: America’s best-selling truck offers durability and power, perfect for work or recreation.
- Honda CR-V: This compact SUV combines practicality with comfort, making it a favorite among small families.
- Chevrolet Malibu: A midsize sedan with a sleek design and advanced safety features at an affordable price.
- Jeep Cherokee: Ideal for adventure seekers, the Cherokee delivers excellent off-road capability and style.
Final Thoughts
Buying a leftover car can be a smart way to save money while still enjoying the perks of owning a new vehicle. By following these steps and taking advantage of promotions like those from Bank of America, you can drive away in a high-quality car at a fraction of the price. With a bit of research and negotiation, the road to big savings is just around the corner.
