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Here is a bit of timely good news. This Labor Day weekend auto dealers are making special deals on vehicles to entice shoppers. Finding the best deals are more important than ever due to the pandemic-related supply shortages and higher vehicle prices.
“Labor Day savings are a great way for consumers to get in a new ride,” according to Ejola Cook, Executive Director of the Florida Independent Automobile Dealers Association (FIADA).
“Doing your homework and knowing what you want, is a good way to start the ball rolling,” says Cook.
To help you get your car shopping moving in the right direction, finance experts suggest considering these 5 car buying tips before heading out to the Labor Day sales events at your local dealerships.
Tip #1: Determine how much you can afford to spend every month, including car payment, insurance and fuel and stick to your budget. It’s easy to fall in love with a beautiful vehicle, but the price tag must fit your budget.
Tip #2: Get pre-approved for a car loan from your bank, a credit union, or an online lender so you’re ready to compare rates with the finance options offered by the dealership which often provide lower rates. The key is getting the best finance rate and monthly payment possible based on your credit, so don’t let loyalties to your local bank cloud your judgement.
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Tip#3: Car shoppers who have a vehicle to trade-in are already in the driver’s seat, so to speak. Rising used-car values, especially on older models, may put you in a better financial position to purchase a newer vehicle. With the current high trade-in values, use the trade-in equity toward the down payment which will reduce the total amount financed and help keep your car payment in budget.
Tip#4: If you’re buying a used vehicle, it’s also good advice to consider including an extended warranty in your budget to better manage your vehicle’s maintenance and repairs. Take time to review the major components covered under these insurance plans. Frequently, it is a vehicle’s electronic safety, performance and convenient features that will trigger a dashboard light, not the engine or transmission.
Tip #5: The state of Florida now allows car buyers to contribute a portion of their vehicle’s state sales tax to help fund life-saving Hope Scholarships for victims of school violence. It is cost-free to the car-buyer since up to $105 tax election contribution comes out of the state sales tax for the purchase of the vehicle.
“The best part is every car sold in Florida has an opportunity to help a child struggling with bullying,” added FIADA’s Cook. “What better way to spend your labor day weekend than finding a great new or used car and helping a child in need.”
In addition to the physical, emotional, and psychological effects of bullying, research from the Centers for Disease Control and Prevention (CDC) found both the victim, and the bully are more likely to experience academic failure and are more likely to commit crime, abuse drugs and alcohol and have suicidal tendencies. To help bullying victims, the Florida Legislature created the Hope Scholarship Program in 2018. The law allows a Florida public-school student who was subjected to violence, harassment, and or bullying the option of a scholarship to attend a Florida Department of Education-approved private school.
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“The support of Florida’s car dealers is critical to raising awareness of bullying,” said Bill Ussery, Hope’s Senior Development Officer at Step Up For Students, which administers the scholarship. “The finance and business managers at our state’s dealerships have demonstrated a strong commitment to support Florida’s students by actively informing customers about the Hope Scholarship and their tax election option.”
With a little research and planning using the tips above, you’ll be ahead of the Labor Day sales crowds and ready to purchase your next vehicle. When you do find the one vehicle that’s right for you, remember to ask for the Hope form and make a no-cost, tax election contribution to provide Florida’s victims of school violence with a new outlook on life and learning.
To learn more about the Hope Scholarship Program and other Florida K-12 educational scholarship programs, visit www.stepupforstudents.org.
