Did you know that you can save even more money on a used car?
While there are many methods out there, one of the most successful is through the use of rebates. While many people believe that rebates are only good for new vehicles, this simply isn’t true. You can also take advantage of them for used cars!
Want to know more?
Read through our helpful guide to learn how to get a rebate for a used car, fast!
What is a Used Car Rebate?
A rebate returns a fixed amount of cash to buyers who purchase certain vehicles. Rebates are a win-win for both buyers and dealers. Buyers will be able to save a little money on their purchase while dealers can complete more purchases by enticing more buyers than they normally would have with these deals.
Remember that the automakers, not the dealers offer rebates. Although rebates are often used as a way to promote new cars, automakers can also use them as incentives for certified pre-owned vehicles.
How to Get the Best Rebate
If you want to get the best rebate to save the most amount of money on your used car, you’ll want to do some research first.
1. Research Rebates
You’ll want to be aware of all the rebates currently available to you right now. The best way to do this is to check out the websites of your local car dealerships or give them a car. Ask them about the current rebates and incentives they have available along with their expiration dates.
Calling dealers may take a little longer, but they’ll be eager to sell you about all of the promotions and incentives they have available. Because rebates are offered by car manufacturers, the dealers aren’t losing out on any money through these promotions.
If you don’t have time to call, no problem. Most dealers have sections on their websites that describe their latest deals, promotions, and incentives. If you can’t find that section on their website, you also have the option of doing a Google search with terms like “used Kia Soul incentives.”
Lastly, most rebates change monthly, so if you don’t find anything you like or that applies to you, be sure to check back in another month. Bookmark your local dealers’ website pages so that with the new month comes, it’ll be a much faster process than before.
2. Research Used Cars
You’ll also want to do some research on used cars. Even if you find a great deal, the used car you purchase may not even be worth it. You’ll find that the best used cars don’t require as much maintenance, are relatively affordable, and some have a good retained value. This means that if you decide to sell your used car in the future, you’ll get more from it.
Last but not least, you’ll want to get a vehicle history and make sure your used car hasn’t had any major recalls or defects.
3. Understand Rebates
Now that you have a good idea of the incentives available to you along with the cars you’re looking for, it’s essential that you have a good understanding of rebates before you make your purchase. For instance, some rebates work differently from others. Some will simply reduce the final sales price while others can be applied as a down payment.
You may find that you won’t be applicable to receive a rebate. Some rebates are for specific segments of buyers, such as recent college graduates or first responders. There might be restrictions, such as financing available only through the automaker’s finance company.
Make sure to ask plenty of questions and read the fine print!
4. Loan Pre-Approval
Once you’ve fully understood the stipulations of the rebate, it’s time to get pre-approved for a loan! Getting pre-approved for a loan with your bank or credit union helps you skip the numbers game and back-and-forth negotiation that we often associate with car buying. You’ll know exactly where you stand once it’s time to purchase your car.
5. Certified Pre-Owned Cars
You’ll find that the majority of the rebates you find for used cars are for certified pre-owned vehicles. This means that these cars are being sold through a dealership or manufacturer program. And, they’re able to meet the standards the program stipulates.
Besides taking advantage of the cash savings that rebates bring, certified pre-owned cars may also come with:
- Extended warranties
- Exterior repair and reconditioning
- Free roadside assistance
- Complimentary satellite radio
You’ll find that certified pre-owned cars are slightly more expensive than non-certified vehicles. The stock may also be limited to newer cars rather than older, less costly models. However, this may be a sacrifice you’re willing to make for the peace of mind a used certified car brings. If you pay attention to the rebates, the higher cost of a certified pre-owned vehicle may also be offset.
Save Even More Money by Purchasing a Used Car
By now, you should know that a well-researched rebate can save you even more money on a used car. By understanding how rebates work, researching the ones available to you, and having an idea of the difference in quality in some used cars compared to others, you’ll be making a smart purchase that you won’t regret.
Monster Cars is your family-owned, one-stop auto store. Through an easy lease program, you can save money when you finance our quality, pre-owned cars, trucks, and SUVs.
Ready to learn more about our current rebates, incentives, and promotions for our quality cars? Contact us today to get started!