Black Friday best day to buy a car

Everyone’s talking about all the great sales deals you can get on Black Friday, the day after Thanksgiving. While the masses will be at the mall buying flat-screen TVs and the latest gaming consoles, you could really score at the auto dealership. That’s because, according to Truecar.com, Black Friday is the best day to buy a car.

The car-pricing website looked at historic day-by-day car pricing data and found the average discount on a new car bought on Black Friday is 7.5 percent, up from the daily average of 4.7 percent.

Adding to the sales pressure, Black Friday this year happens to fall very close to the end of the month. Car deals typically sweeten as the month goes on because many dealerships are approaching quotas they must meet in order to get additional manufacturer incentives.

Besides monthly deadlines, dealers are also under pressure to clear out 2009 model year cars and trucks before the end of the calendar year. Those cars will be much harder to sell after Dec. 31, when they become “last year’s” models.

These are some awesome factors working in your favor.

And, you could save even more with the right car loan! Check out Tech CU—the credit union has lowered its auto rates. Combine that with a Fuel$mart loan and other Tech CU discounts, and you could get a rate as low as 4.40% APR* on a new vehicle with a 66-month term. (Learn more here.)

So if you’re in the market for a new car, try to buy it this Friday. With the combination of low car prices and sweet auto loan rates, you could shave thousands of dollars off the price of your next ride.

*Restrictions apply. Please speak with a Tech CU representative for complete details. ‘As low as’ rate of 4.40% APR assumes a new vehicle loan with a term of 66 months at 5.200% APR. Rates as of November 16, 2009 and subject to credit approval and change without notice. Discounts on this rate include a .30% Fuel$mart discount, .25% discount for purchasing from The Car Store and a .25% discount for Relationship Rewards, with a Relationship Rewards level of Premier, requiring an aggregate loan/deposit balance of at least $100,000.

More cash for your clunker

Cash for Clunkers is a hit–and you can save even more money for trading in your old car for a new one with Tech CU!

It’s also known as the Car Allowance Rebate System (CARS)—a federal program passed by Congress and signed into law by President Obama on June 24. (The program was so popular that our government went through most of the funds dedicated to Cash for Clunkers the first week it was launched. Luckily, the program received a $2 billion injection.)

Here’s the deal: you can get a tax credit up to $4,500 if you trade in your older, less fuel-efficient vehicle for a new one that gets better mileage. If you want to take advantage of the deal, don’t wait—the program ends Nov. 1, 2009.

While we’re getting tax credits for trading in our clunkers, why not combine some other special offers to get the most money for our rides?

Check out Tech CU’s Fuel$mart program. If you purchase a hybrid vehicle (or one that gets 30 mpg) you’re eligible for the Fuel$mart loan—with a rate discount of .30%.  And Tech CU will give you an additional .25% rate discount if you buy your vehicle through The Car Store. Combined with a Fuel $mart loan, that’s a total rate discount of .55%!

Add up all the money you’d be saving on your new car with these rate discounts and the CARS tax credit and that’s a whole lot of cash that can go towards your ‘Grow Your Green’ goal!

To figure out whether you qualify for the CARS credit, check out Edmunds.com. They have a great eligibility calculator and at-a-glance chart:

Here are the basic requirements:

Trade-in vehicle:

• Is in drivable condition
• Has been both continuously insured, consistent with the laws of your State, and continuously registered to the same owner for at least one year immediately prior to the trading-in of your vehicle under the CARS program
• Manufactured less than 25 years before the date of trade in and, in the case of category 3 trucks, not later than model year 2001
• Has a combined MPG of 18 or less (this does not apply to category 3 trucks)

New vehicle:

• Is new and title has never been transferred
• Has manufacturer’s suggested retail price of $45,000 or less

There are also different categories of vehicles and restrictions for each too, so pay attention to that. The rescource center for more detailed information if you still have questions.