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The Holidays: A Good Time to Buy?
Is the Holiday Season Really a Good Time to Buy?
You’ve seen the ads—a breathless wife or husband running out of the house in their P.J.s to find a beautiful new car (usually festooned with a huge red bow) sitting in the driveway. Have you ever wondered if it is a good time to buy a vehicle during the holiday season?
Three Reasons Why Now Is a Good Time to Put a New Vehicle Under the Tree
Turns out, it’s can be an awesome time! Here are three reasons why the holiday season gives you a great opportunity to make your best deal on some new wheels.
1. Buy toward the end of the month. Many consumer-finance experts tell us that the best time to buy a vehicle from a dealership is late in the month—and the holiday season certainly qualifies. That’s when a lot of sales teams are eager to make additional sales to meet their monthly quotas—so you may be able to negotiate a better deal. Shopping during month-end, AND during the final month of the year? That’s just plain smart!
2. Stop in when dealerships aren’t as busy. Again, this makes mid to late December a great time to buy. The craziness of the holiday-shopping season means most consumers have their attention elsewhere. The dealerships might be pretty quiet, so you’ll have your pick of inventory, and the sales team will be ready to make a good deal.
3. Don’t shop right after new model years are introduced. You don’t want to try and negotiate for a brand-new vehicle when demand is highest—it’s always good to wait. Since most models are unveiled around August and September, the fervor has usually died down in December, and last year’s models are taking up valuable space. It’s a great time to make your move!
Additional Auto Shopping Tips
If you’re ready to start shopping, don’t dust off that big bow just yet. Here are a couple tips to make the process go a little more smoothly:
1. Do your homework. Research what vehicles are available in your area, and get a good idea what vehicle you want, and what you’re willing to pay. You can start by visiting Mid Oregon’s Auto Smart Web Portal.
2. Know your price range before you shop. Negotiate with confidence—it only takes a minute to get pre-approved for your auto loan at the nearest Mid Oregon branch. Then, you’ll know what you can afford, what your payment will be, and you’ll make a deal you can really live with. Visit the branch, give us a call, or go online to get started.
But When You Just Have To Have It…
Okay, so what if you ignore all this advice? Hey, it happens—especially when it comes to shiny new cars. If you find the car of your dreams and want it RIGHT NOW, just ask for Mid Oregon financing at the dealership. They can usually help you on the spot! Or, what if you come home with the dream car, but not the loan of your dreams? Just stop in and ask us about refinancing. We’ll help you find an auto loan that fits your budget AND financial goals.
Happy holidays!
Credit Unions Working Together Present $10,000 to Deschutes Children’s Foundation
Members of the Deschutes Children’s Foundation Board of Directors joined Executive Director Amy Ward to accept a $10,000 donation presented by Credit Unions Working Together, the title sponsors of the 2016 Great Drake Park Duck Race. The donation supports the Foundation’s Nature Playscape project and their general operating budget. Deschutes Children’s Foundation brings nonprofits supporting children and families together at their four community campuses.
Credit Unions Working Together
Credit Unions Working Together is comprised of First Community, OnPoint, Oregonians, SELCO, and Mid Oregon Credit Union. This group has been working together since 2011 to support the Great Drake Park Duck Race. This year was the 27th year of the Duck Race, which is organized annually by the four Rotary clubs in Bend. Over the past 27 years, the event has contributed over $1.25 million to local charities.
“We are very proud of our involvement in the Duck Race over the years,” said Kyle Frick, VP of Marketing for Mid Oregon Credit Union, “bringing credit unions together to help our community and provide needed resources demonstrate the cooperative, people helping people philosophy we share.”
Deschutes Children’s Foundation
Deschutes Children’s Foundation has recently completed the Nature Playscape project at East Bend Campus, updating and expanding its heavily used playground to feature a variety of areas and activities to accommodate the children’s various ages and developmental stages. To build gross motor skills there is a trike path that includes tunnels, hills, rumbles and bumps as well as a web climbing net, boulders and rock walls. Children will grow their own berries, herbs, and flowers and cultivate a deeper understanding of nature through native plants and an expanded garden. Opportunities for imagination and collaborative, creative play abound.
The R.A.I.N. Method for Buying a Car
The average cost of a new vehicle today is around $30,000. Whether you desire the shiny, brand new car or if you are content with a reliable used ride, you want to get the most for your money. The actual process of finding, researching, financing and buying that car doesn’t need to be scary or intimidating. In fact, the process of buying a car can be broken down into a simple acronym: RAIN.
After you have met with Mid Oregon Credit Union and have your financing secured, you are now ready for the RAIN technique, an effective acronym for making a wise purchase.
What is RAIN?
R stands for research.
A means ask questions.
I stands for investigate or inspect.
N is for negotiate.
Doing Your Homework
Research – In this step you will use information from publications like Consumer Reports, Kelley Blue Book and other sources to make sure the vehicle you are looking at is a wise choice. You want to check out the reliability of the vehicle to make sure it is wise investment. You also need to use the buyer’s guide to find out pricing of the vehicles you are looking at. It’s easy to find the sticker or retail price, but your goal should be to find out the wholesale price. That means the price the dealership paid minus any rebates, hold-backs or incentives. That is the price you will use to negotiate when the time is right.
Ask – You want to contact the insurance company and find out the rates you can expect with the vehicle you are looking at. You’ll also want to ask the dealership for information about the average cost of upkeep. This information is critical as you examine the overall costs of the purchase you are going to make. There are a lot of costs associated with vehicle ownership–insurance is a major one. Ask your agent for a quote so there are no surprises later.
Shopping for New or Used?
Investigate or inspect – If you are considering a brand new car, you will go to the dealership and investigate it. Be sure the salesperson knows that on this trip you will be test driving only and not looking to make a deal quite yet. This is your opportunity to get a feel for the car. Is it the one that is going to meet your needs? How does it handle? Will you be happy with it for years to come?
If you are in search of a used vehicle, the inspection process is very important. Even if you have limited knowledge of automobiles, everyone can conduct a basic inspection. Check out the exterior and interior. Take it for a test drive and see how it handles, how it accelerates and how it brakes. When this inspection process is complete and if this is a car you are serious about, take it to a certified mechanic for a full diagnostic check. It may cost you $100 but not only will you get a detailed report of the condition, most will provide you with a list of problem areas and the cost to fix them. This will be helpful for your last step.
Negotiate – For many the negotiation process is one that is intimidating. Everyone wants to get the best deal and there are salespeople that are seeking to make the most money possible. Pick out two to three dealerships to visit. Since you already have done your test drive, you are ready to make the deal.
A good way to take the pressure off of you is to tell the salesperson that you have other dealerships you will be visiting and the one that offers the best deal will be getting your business, so, “What is the lowest price you can offer on this vehicle?” Take that number and visit your other dealerships. See which offer comes in the best. If you still aren’t happy with the offers, you may share what you think is fair based on the research you have done. If they say no, move on.
Buying a Car a Big Decision
Purchasing a vehicle is probably going to be the second largest expenditure in your life. Your key to getting the best deal should be your goal to be prepared. Following these steps will help you tremendously. Always remember, Mid Oregon Credit Union can provide not only the best financial deal for you, but they are also there for support, guidance and education.