End of the year model close-out sales have been a staple in the car buying arena as far back as I can remember.  This year, though, dealers may not have a glut of 2012 cars sitting on their lots ready to move.  For whatever reason (better inventory management, better sales), many dealers just don’t have the inventory that they normally do at this point in the year.  The availability may depend on the car you want to buy.  For example, a local inventory search for a Ford Mustang convertible (a car I would love to get) shows only 2 within 100 miles of the Baltimore area.  I did the same search on a Chevy Silverado truck and found over one-hundred 2012 models left within that same 100 mile radius.

Dealers are offering some rebates and low rate vehicle financing, but only on selected models, and for the financing portion, only if you have great credit.  Usually you have to choose between a rebate and low rate financing and almost always, the rebate is the better option. (Our website has a good calculator in the AutoSmart section to help you evaluate your choices.)

When you’re buying a car (new or used), do your homework.

Research the vehicle you want to buy.  Know what you should pay for it.  Get pre-approved for your car loan so that you don’t have to waste time in the dealership and you can negotiate the best cash price.  Your Credit Union has some of the lowest car loan rates in Baltimore.  Let the Credit Union loan officer look at the offer before you commit – if the dealer is trying to pull a fast one, we can often spot it for you.  We also have car buying services that can help you save money.  Make sure you include the Credit Union as a valuable trusted partner in the car buying process!

Carol Szaroleta
Director of Marketing & Business Development
Destinations Credit Union