Is Thanksgiving a Good Time to Buy a New Car in 2022?

Thanksgiving is a great time to shop for nearly anything, including cars. Most years, dealerships will have sales for Black Friday to clear inventory before the end of the year. However, 2022 is a different kind of year. Lately, many car buyers have been paying well over the sticker price for new cars, and used car prices are still elevated. So is this year a good time to buy a new car?

There are some deals to be found this Thanksgiving weekend

A customer looks over a car on the dealer lot.
A customer looks over a car on the dealer lot. | Getty Images/Bob Riha, Jr.

Although new car inventories are slowly being replenished, J.D. Power reports that almost half of the new cars are still being sold above MSRP. That’s a bummer, but the light at the end of the tunnel is that there are some nationwide deals to be found this Thanksgiving weekend. Cars.com recently published some of them:

2022 Chevrolet Equinox

  • Factory discount: $1,500
  • Price range after savings: $26,000 – $43,000
  • Approx. factory savings: 3-5%
  • Offer ends on November 30

We drove the 2022 Chevrolet Equinox earlier this year and enjoyed its pleasant on-road manners. It’s also spacious and has enough room to fit a mountain bike in it, so we can recommend it as a practical small SUV. It’s also being offered a $1,500 discount nationwide and a 2.99% special financing rate through GM.

2022 Jeep Compass

  • Factory discount: $1,000 – $3,000
  • Price range after savings: $25,000 – $41,500
  • Approx. factory savings: 2-11%

The Jeep Compass was updated for the 2022 model year. Some new features include an updated cabin with the latest Uconnect infotainment system, a more upscale look, and extra storage. If you act before November 30, you can get a substantial amount of savings off the MSRP, including a special financing rate of 2.9% for up to 60 months.

2022 Jeep Gladiator

  • Factory discount: $1,000 – $2,500
  • Price range after savings: $37,000 – $67,000
  • Approx. factory savings: 1-5%

The 2022 Jeep Gladiator is great for going off-road and hauling goods at the same time. It’s also available with a pretty good discount nationwide. However, there aren’t any special financing rates for it at time.

You may still need to negotiate down to MSRP this Thanksgiving

Carsiri car dealership
Carsiri car dealership in Queens | Google

Although there are some deals out there, it’s worth noting that there are still plenty of dealers marking up car prices. As usual, it depends on what make and model of the car you’re looking to purchase. The more popular models will typically be low on inventory, making them harder to find. And if you do, they’ll command a higher price due to demand.

In that case, you may need to negotiate down to the car’s MSRP if the dealership puts a markup on the car you want.

Don’t be afraid to shop for a car outside of your region

A salesperson talks to a customer.
A salesperson talks to a customer. | J. Conrad Williams Jr./Newsday RM via Getty Images

If there is a car that you must have but can’t find in your local region of dealerships, don’t be afraid to shop outside of your region. In some cases, you may need to shop out of state and have the car shipped to you.

Either way, Thanksgiving is still a good time to shop, but car buyers may need to be a little more diligent when shopping.

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