Drive into Summer with These Incredible 4th of July Lease Discounts

TL;DR: Explore various financing options for buying a business vehicle to boost operational efficiency and satisfaction. Understand each option's benefits and drawbacks to align with your business goals. Direct Purchase: Complete ownership, no interest, high upfront cost. Business Car Loan: Spreads cost, requires good credit. Leasing: Lower upfront costs, no equity. Hire Purchase: Flexible terms, owns vehicle after payments. Novated Lease: Uses pre-tax salary, complex agreements. As a business owner, you understand the importance of efficiency and reliability. This is especially crucial when it comes to transportation. more Buying a car for your business is more than a financial decision. It's a choice with the power to ensure the safety of your staff and your products. Plus, having a dependable vehicle can significantly enhance your operational capabilities. The result? You'll see a difference in both your employee satisfaction and your bottom line. It's important to understand how to finance this asset in a way that aligns with your business goals. This blog will explore the financing options available to help you make an informed decision. We'll cover everything from direct purchases to leases and loans tailored specifically for business use. We'll even include considerations for those using their vehicle for both business and personal purposes. Continue reading to ensure you choose the best financing route to support your business's growth and sustainability. Financing Options for Buying a Business Vehicle When considering financing options for buying a business vehicle, it’s important to understand both the benefits and drawbacks of each method. Here’s an overview of several popular financing options. Direct Purchase According to CapitalOne, direct purchase is when an individual or business purchases a car directly from a manufacturer. In this scenario, the business owner does not interact with a dealership at all. You’ll have immediate and complete ownership of the vehicle and no interest payments. You can modify or sell the vehicle as desired and may even earn tax deductions via depreciation. That said, directly buying a car for business use involves a significant upfront investment. That may not be an option for small or medium-sized businesses. Likewise, these vehicles depreciate rapidly, which can impact your returns. Business Car Loan Per NerdWallet, a business car loan is a line of credit that can make it possible to purchase a new or used vehicle in your business’s name. The biggest benefit is that a loan allows you to spread out the cost of a vehicle over time. Interest may be tax-deductible, and you will have full ownership of the car at the end of the loan term. You will need a high credit score to qualify for an auto loan with affordable rates and terms. However, due to interest rates and additional fees, you will end up paying more for the vehicle over time. Leasing When leasing a car for a business, you have two options. You can choose an open lease, which is similar to renting the vehicle for a pre-determined period. You can also choose a closed lease, which is similar to buying the vehicle. At the end of a closed lease, you will pay the difference between the residual and resale value of the car. Lease deals can sometimes make leasing the most affordable option. Likewise, if you’re considering buying a car for business and personal use, you may choose to lease instead. You will be able to deduct business expenses, including lease and driving costs. With that said, you won’t have equity in any vehicle you don’t own. Hire Purchase A hire purchase is similar to an automotive loan. According to Investopedia, hire purchases allow you to buy a vehicle for business use with a downpayment. You will pay the remaining balance and any interest in pre-determined installments. Once you have made your final payment, you will own the vehicle. Deposit amounts and payment terms tend to be flexible. Due to interest charges, your vehicle may ultimately be more expensive than if you bought it outright. Likewise, there may be penalty fees for early repayment. Novated Lease When buying a company car for an individual employee, you might consider a novated lease. With a novated lease, you can purchase a business vehicle through salary packaging. You will make repayments using your pre-tax salary, reducing your taxable income. With that said, these arrangements can be complex. They involve an agreement between the employee, employer, and leasing company. If the employee is terminated, the responsibility for lease payments may change. Each financing option has its own set of advantages and challenges. The best choice depends on the specific needs and financial situation of your business. At Devils Lake Cars, we have strong relationships with local banks. We can help you secure a business loan or find an alternate arrangement that works best for you. Are you ready to acquire a reliable new business vehicle? Begin your financing journey today.

Winters can be rough in North Dakota, and after a frigid season, the open road starts to look pretty good. Luckily, the official start of summer is the perfect time to shop for a brand-new or certified used vehicle. If you’re in the market for a reliable new car, the Chevy Memorial Day Sale is just around the corner. Each year during the annual Memorial Day sale, Chevy dealerships offer a range of discounts.  You’ll find everything from finance and lease specials to rebates and cash incentives. You’re sure to find the perfect car at the lowest price, making it the perfect time for a late spring test drive! In this blog, we’ll explain what you can expect from the Chevy Memorial Day Sale. Plus, we’ll answer some of the most common questions we get about this exciting shopping weekend. Read on to start planning ahead to purchase your dream Chevy at a great price. more When Do Memorial Day Car Sales Start? Each year, Memorial Day falls on the final Monday in May. In 2024, Memorial Day will fall on Monday, May 27th.  You can expect to see Memorial Day car sales beginning toward the middle of the month. Sales tend to end during Memorial Day weekend. It is uncommon for manufacturers or dealerships to begin advertising their Memorial Day sales too far in advance. You’ll probably begin learning about this year’s Chevy Memorial Day sale in early May. You’ll be able to find out more on your local Chevy dealership’s website. You can also find information from the manufacturer on the deals page of the official Chevrolet website. Be aware that sales and offers can vary by dealership, and discounts change from year to year. Are Car Dealerships Open on Memorial Day? Yes, car dealerships are almost always open on Memorial Day! Memorial Day is a huge sales day in the automotive industry. Chevrolet dealerships, and most other dealerships, will be open bright and early to welcome interested buyers. Your local dealership is aware that many people have the day off from work due to the federal holiday. You should be able to stop in for a test drive throughout Memorial Day weekend. Many dealerships even offer extended hours for your convenience. What Can I Expect From the Chevy Memorial Day Sale? You’re unlikely to learn about the specific Memorial Day truck sales and discounts in advance. Manufacturers and dealerships tend to announce these closer to Memorial Day to create a sense of urgency and excitement. With that said, we took a look at previous years’ sales to give you an idea of what to expect. In 2023, consumers were able to get up to 10% off the sticker price of select Chevy models. Local dealerships offer Memorial Day car lease deals, featuring low monthly payments. Eligible Military personnel can receive incentives. These include bonus cash to use toward the purchase of a new or used vehicle. Up to $1,000 cash back on select Chevy vehicles. Bonus cash to use for the purchase of select Chevrolet accessories, including Sirius XM radio, OnStar services, and more. Is May a Good Month to Buy a Car? May is a great month to buy a car, especially if you’re okay with last year’s model. Memorial Day is at the intersection of spring and summer, which is when new models begin to arrive on showroom floors. Dealers are eager to clear their old inventory to make room for brand-new vehicles. As a result, you can take advantage of steep discounts on top of Memorial Day incentives. Plus, it’s always ideal to shop for a new or used car at the end of any month. That’s when salespeople are most eager to hit their monthly sales quotas. Memorial Day, which is always at the end of May, is an excellent opportunity to snag extra discounts. According to Kelley Blue Book, the average price of a new vehicle is steadily decreasing compared to previous years. Sales, discounts, and incentives are contributing to this impressive decrease. As a result, this year’s Chevy Memorial Day Sale may provide a uniquely low price on your dream truck or SUV. Shop the Chevy Memorial Day Sale at Lake Chevrolet At Lake Chevrolet, we can’t wait to celebrate the start of summer with the Chevy Memorial Day Sale. We’ll be there ready to help you find and test drive the new or used Chevy vehicle you’ve been dreaming about. Watch this space for more information about specific deals and incentives. In the meantime, browse our new inventory to prepare for this year’s sale. Get ready to drive home in a reliable car at an affordable price!

April showers bring May flowers—but you need a safe, reliable vehicle to get you to the garden! If you’re not sure if your current car or truck can carry you safely through the rain, it’s time to look into Spring car deals. These April specials include lease deals, incentives, and discounts. All of this can make affording a new or certified used vehicle more affordable. In this guide, we’ll explain why April is the best time to buy or lease a new car (and why it’s an even better time to choose a used one). Continue reading to learn the truth about saying farewell to the winter blues with a new set of wheels! more Is April a Good Month to Buy A Car? Yes! From tax season benefits to spring cleaning specials, April can be an excellent month to invest in a new or used car. We’ll explain the ins and outs of car sales in April below. Should I Buy a Used Car in April? April kicks off a season of spring cleaning, when consumers begin clearing away the old to make room for the new. As a result, spring is one of the most popular seasons for trading in older vehicles. If you’re in the market for a used car, you’ll see more variety in April and May. Likewise, supply and demand apply to the used car market. The more used cars there are on the lot, the more likely you are to get a good deal. This might give you more power to negotiate. April is also tax season. If you choose to forego financing, you can also use your tax refund as part of a cash deal and avoid accruing interest. This option is most viable when shopping for used vehicles. Should I Buy a New Car in April? As discussed, spring cleaning inspires many people to trade in their cars. Dealerships are aware of this trend, and they prepare for an influx of shoppers. You can expect high inventory levels during springtime as dealers stock their showrooms for the warm weather rush! Are you expecting a hefty tax refund this April? You can put those funds toward your downpayment, making any vehicle more affordable. The larger your downpayment, the lower your interest rate will be. As a result, you’ll see modest monthly payments, even on brand-new vehicles. April Car Deals and Incentives Car manufacturers are aware that buyers have many choices during the spring rush. They frequently offer seasonal incentives to help persuade you to choose one of their vehicles. Manufacturers do not typically announce these incentives in advance but save them to create a sense of urgency. Examples of the best car deals in April might include: Dealer cash to use toward your purchase Low APR financing Rebates Lease deals Financing offers As a result of these incentives, April is also one of the best times to lease a new car. When in April Should I Buy a Car? If possible, we advise buyers to wait until the end of the month before making their purchase. Most dealers have monthly sales goals to meet. If they are close to meeting their April goal, they may be willing and able to improve your deal even further. This gives you plenty of leverage for bargaining and can ensure you drive away happy. With that said, we advise you to start test-driving vehicles early in the month so you can hone in on a model you love. Other Spring Car Deals There is also some incentive to purchase your car at the very end of March, just before spring officially begins. March marks the end of Q2 of the sales year. If you purchase a vehicle at the end of the quarter and month, you'll have even more bargaining flexibility. Likewise, spring cleaning really begins for car dealerships during the month of May. That tends to be when they push to clear the lots of last year’s models before the new automotive year begins. If you can wait a few weeks, you might find a different suite of discounts and incentives. If you’re ready for a spectacular spring car deal, come see us at Devils Lake Cars. Shop our new inventory online today, then visit us for a test drive. We can’t wait to help you make your dream car or truck an affordable reality!