Saturday, Feb. 26, will be the best day in February to buy a car, according to TrueCar.com, a new car pricing website. Another good time in February to buy a new vehicle is during President’s Day weekend (19-21), when shoppers can expect at least a 7 percent discount off the MSRP nationally. TrueCar.com says a discount of 7.59 percent is possible on the 26.
As far as which automotive brands are offering the biggest savings in February, TrueCar.com says that Nissan is predicted to have the biggest discounts this month. Mercedes-Benz will have the second largest discounts and shoppers should be able to find a good deal on Dodge, Chevrolet and Lexus vehicles.
"Mercedes Benz and Lexus have continued their battle for the top luxury manufacturer into 2011," said Jesse Toprak, VP of industry trends and insights for TrueCar.com. "As long as competition stays intense, consumers will be the beneficiaries because of the generous discounts and attractive lease deals in the luxury market."
Looking at individual vehicles, TrueCar.com predicts the 2011 Chevrolet Impala will be about 21 percent off in February. The 2011 Mitsubishi Galant (pictured above) should be about 20 percent off the MSRP, and the 2011 Nissan Titan and Toyota Tundra 2WD will be discounted about 18 percent. Shoppers can expect about a 17 percent discount on the 2011 Cadillac DTS in February.
To save even more money, new car shoppers should get pre-approved for their auto loan through a bank, credit union or private lender before they go to the dealership to see if the dealership’s lenders can beat the car loan rate they were offered.