INDIANAPOLIS — It has been a long time coming, but discounts on new cars should be back this holiday weekend.
Edmunds.com experts say that is because last year's model cars are sitting on lots at pre-pandemic levels.
Detroit automakers are seeing the greatest buildup of inventory and could offer the biggest discounts this weekend.
If you plan to shop this weekend, experts offer this advice before you hit the lots:
- Target three cars to test drive and research their incentives from cash back to financing.
- If you are trading in your car, know its worth by getting a competing offer from online dealers like Carvana.
- If you are financing the new car, check your bank or credit union for lower loan rates.
Ivan Drury, with Edmunds.com, said a low interest rate is how you are going to save the most money.
"You're borrowing $40,000, $50,000 and you go from something like a 7% loan to a 0% or 1.9%, you're going to look at saving something like $8,000 to $9,000 right off the bat," Drury said.
When it comes to incentives, read the small print.
"Some are combinable. Some are not. Some offers, you get $1,500 back, plus the low APR. Other ones, you're going to get even lower APR, no cash back," Drury said.