When shopping for a car, most people are looking for the best possible deal they can get their hands on. This is especially true as the cost of even used cars has increased significantly over the last few years. And they’re expected to get even more expensive.
One savvy car shopper says she found a great deal on a new car by shopping a side of inventory that people might not be aware of: loaner vehicles.
In a trending video, real estate agent and money-wise car shopper Keyana Lawson (@keyanalawson) says she was able to save a significant amount of money on a fairly new vehicle by shopping her local dealer’s inventory of loaner cars. Her clip has drawn over 419,000 views on TikTok.
How did this driver get an $8,000 discount on a Cadillac?
“Did you guys know that you can get a car highly discounted if you purchase a loaner vehicle from the dealership?” Lawson says in the video. “Well, that’s exactly what I did for my new vehicle. Those that don’t know—and this is the second time that I’ve done this for a car purchase. But you can get a car highly discounted if you go to the dealership and ask to see their loaner vehicle inventory.”
She says her most recent car purchase was $8,000 under the manufacturer’s suggested retail price. Lawson selected a Cadillac from the dealership’s stock of vehicles used to loan out to customers who were having their vehicles serviced.
Frequently, these cars are essentially brand new and have never been titled, with very few miles on them to start with, Lawson says.
“A lot of dealerships don’t necessarily post their loaner vehicles, but if there is a specific car that you are interested in, when you go to the dealership, ask them about any loaner vehicles that they have for that make and model, or just ask in general, and they will present you with that information,” she says.
The Daily Dot has reached out to Lawson via TikTok direct message regarding the video.
Why can you save by buying a loaner car?
Lawson says she saved $8,000 off MSRP by purchasing a car from her local dealership’s loaner fleet. However, the upper limit for how much money you can save by buying one for yourself may be even greater.
This is because car dealers can receive incentives from the manufacturer to have loaner fleets. Letting drivers loan nicer, newer vehicles can often lead to sales of new cars on the sales floor. In many cases, the dealer has been known to pass on these incentives to customers by lowering the prices of loaner cars to turn them over.
What are the benefits of purchasing a loaner car?
As Lawson noted, loaner cars often have lower mileage and are discounted to reflect that they have been used.
These models are often feature-heavy to display the best features to drivers whose cars are at the dealership. They also usually come with longer warranties and have complete service records from the dealer.
Viewers weigh in
Several viewers shared that they were able to get steep discounts on their cars by using this purchasing strategy.
“I just did this! I totaled my BMW last week and got the top trim Toyota Camry XSE AWD for cheaper than the base model!” one commenter wrote. “9k off! 3k miles.”
“Yess my BMW was a loaner vehicle with 3k miles on it,” another said. “I got almost 11k off!”
“Yes! I got a Lincoln ($42k) that was a loaner with 2k miles…$26k ($30k after financing @2.7%),” a third user added.
@keyanalawson #creatorsearchinsights Money saving hack when a purching a new vehicle. #loanervehicle #newcar #fyp #cadillac ♬ original sound – Keyana Lawson | Atl REALTOR
Some even shared that they had experience working in a dealership, and what she said is accurate.
“The manufacturer gives them back the difference so they are happy to discount the loaners_ former car sales rep,” one commenter wrote.
“I work at a dealership and what she says is true,” another said.
“As someone who used to sell cars… she’s very correct!” a further user wrote. “Save that money yall!”
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