Experts Explain: How To Save Money on Cars with 3 Manufacturer Incentives and Rebates

If you want to hit the road in a car that will last long and look good, you’ve got to do a lot of legwork. The process involves reading reviews, talking to experts, comparing prices and going on so many test drives you might feel like you’re back in driving school, working to get your license.

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Nobody said that bargain hunting was easy, especially for major purchases like your new set of wheels. But once you’ve zeroed in on some makes and models you like, it’s time to keep up the hard work by digging deeper into the fine print. Specifically, you have to look at manufacturer incentives and rebates.

Automakers use these financial enticements to draw in buyers through cash-back offers, loyalty programs, conquest incentives and other attractive financing options. According to Joyce Gutierrez, automotive expert at 4WheelOnline , understanding these incentives can help consumers save thousands of dollars.

GOBankingRates connected with Gutierrez to learn more about how you can take advantage of these powerful ways to save .

Explore Multiple Sources

You might wonder how exactly you find these deals. The good news is that they’re pretty much anywhere you could think to look, starting with manufacturer websites.

Guiterrez said that these websites typically highlight national promotions and incentives, establishing a baseline for potential savings.

“These sites typically feature current offers, rebates and special financing options across their model lineup,” she added.

Dealership promotions are another way to gain additional savings, with local dealerships often running sales events like price reductions, bonus cash offers or even added perks like extended warranties.

“It’s worth checking individual dealership websites or contacting them directly to inquire about current promotions,” said Guiterrez.

She also said that third-party automotive sites can be valuable resources for comparing offers across various brands and dealerships by aggregating deals from various sources — which makes it easier to spot the most competitive offers near you.

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Understand the Fine Print

Once you’ve found some offers that appeal to you, it’s time to delve deeper into the terms and conditions. The fine print can reveal eligibility requirements that might present a no-go, since some incentives are limited to specific models, trim levels or even previous car ownership.

In particular, Guiterrez advised potential buyers to pay close attention to expiration dates, since even the most attractive offers can be time-sensitive and subject to change without notice. There are few other types of offers she said to be aware of, as well.

“One key distinction to understand is between stackable and non-stackable offers,” she said. “Stackable incentives can be combined with other promotions, potentially increasing your savings.

“Non-stackable offers, however, cannot be used with different deals, requiring you to choose the most beneficial option.”

Where you live can even factor into available incentives. According to Guiterrez, manufacturers can tailor offers to different markets, making it so what is available in one state might not be applicable to another.

She had one final word of warning about reading the fine print: be aware of exclusions in the offers.

“Some incentives may not apply to financing options, leases or vehicle configurations,” she said. “Thoroughly examining the fine print will help you avoid surprises and make a more informed decision about car incentives.”

Consider Certified Pre-Owned and Demo Models

Guiterrez encouraged readers to consider certified pre-owned (CPO) and demo models as compelling alternatives to brand-new cars.

“CPO vehicles undergo rigorous inspections and often come with manufacturer warranties, providing peace of mind at a lower cost,” she said. “Many automakers offer attractive CPO incentives, including extended coverage and special financing rates, making these low-mileage options even more appealing.”

She added that looking into demo cars, which are lightly used vehicles that were dealership displays or test drive models, can also help you get a lot of mileage out of your deal.

“These models typically have very low mileage and are well-maintained yet come with significant discounts compared to their new counterparts,” Gutierrez continued. “Dealerships often provide additional demo car discounts to clear inventory, potentially resulting in substantial savings for savvy buyers.”

This article originally appeared on GOBankingRates.com : Experts Explain: How To Save Money on Cars with 3 Manufacturer Incentives and Rebates