Buying a car is a major financial purchase. For many people, it is second only to their home purchase.
Did you know that there are certain times that are better for purchasing your new vehicle? Whether it’s the time of year, the month, or even the day of the week, knowing which times are best can help you score the best deal on your new vehicle.
Times of the Year:
There are certain times of the year when you will generally find more deals or offers available on vehicles. This is often due to inventory changes and needing space for new models, along with the push to hit sales goals and quotas. There are certain months when it may be easier to get a discount on your car. Beyond that, there are even certain times of the month or holidays that may also make it easier to find specials or negotiate prices. These are the recommended times of the year to buy according to the US News and World Report.
May
This is the start of summer, typically a time when more people are out shopping for cars. This means that there are lots of deals are available early on to help push people to begin the summer car purchases. The Memorial Day weekend in particular can be the best time of this month to shop.
October
It is common for many of the newer models to be released around this time of year. This means that dealerships are going to try to sell more of the older models to make room for the new inventory, resulting in more discounts and offers.
November
The discounts and offers on the older models will often continue to carry over into this month. Additionally, dealerships will begin ramping up their end-of-year efforts to meet sales goals. There may also be Black Friday offers and promotions available either on the pricing or the financing of the vehicle.
December
This is typically a great month to buy a vehicle as the dealerships push to meet their sales quotas for the end of the year. Any remaining inventory of the older models may receive heavy discounts or offers. New Year’s offers can make this holiday one of the best times to buy your new vehicle.
Specific Monthly Times:
As was mentioned previously, there are specific times of each month that may also help you score discounts and deals. Some of these dates will fall into the months already listed, but others may be a great opportunity to save in the other months.
End of the Month
This once again ties into sales quotas and goals. As the end of the month nears, you’re more likely to be able to negotiate the price of the vehicle. The car sales tie into financial incentives and may enable the dealership to receive more new vehicles.
Holiday Weekends
If a holiday weekend is coming up, you can expect many businesses to promote their sales, dealerships included. Special holiday offers are typically available either on vehicles or financing from the dealers. These offers may even be available in the time leading up to the holiday, so make sure to check the dates.
Weekdays
Even something as simple as shopping on a weekday rather than a weekend can provide you with more bargaining power or more access to discounts. Weekends may be more chaotic and crowded, while a weekday can give you the time to explore your options and discuss the purchase in more depth. Mondays, or Tuesdays if the dealership is closed on a Sunday, can be the best day to visit.
Before You Need a New One
The best time to buy a new car is before you need a new one.
Having the time to browse and shop around can give you a huge advantage when it comes to buying a car. If you urgently need to buy a car or are looking to quickly replace a previous vehicle, you may feel rushed to buy a car that fits the basics of what you need. Additionally, you may have limited options of what is available at the moment.
This rush can deprive you of the opportunity to research different vehicles to find good options. You also may be unable to shop around to find options and deals on the vehicles you’re interested in. Having a limited time also prevents you from waiting for any discounts or special offers to become available. With fewer deals and a limited time frame, it’s much harder to negotiate on pricing.
Tips for Getting a Good Deal
Beyond knowing the best time to buy a car, we have some tips that can help you on your way to getting a good deal on your car anytime of the year. These are things to keep in mind as you prepare and shop for your new vehicle.
Do Your Research
It’s important to do your research so you can make informed decisions about your car purchase. This can help you identify typical price ranges for vehicles, offers coming up, or features that are non-negotiable for you.
Shop Around
Not all dealers are going to offer the same discounts or specials on their vehicles. Additionally, some dealerships may not have the vehicle you’d like to purchase in stock. It’s important to shop around and find what you’re interested in, at the best offer available.
Don’t Be Afraid to Negotiate
The salesman that you’re working with may have special offers or discounts that they can apply to your purchase. Don’t be afraid to negotiate for pricing or vehicle features to get what you’re looking for. They want to make the sale and are usually willing to work with you as much as they can do so.
Be Realistic
When shopping for a new vehicle, it’s vital to stay reasonable and realistic in what you’re looking for. While it is great to receive discounts and financing offers, there may be times when the offers or vehicle supplies are limited.
Watch the Inventory
There are some vehicles that are more likely to be discounted than others. Vehicles that are odd or uncommon colors or that have a different combination of features will typically offer greater discounts. Watch out for overstocked inventory or models that have been discontinued or redesigned – dealers will try to clear them out to make way for the newer models.
When it comes to buying a new car, there are times of the year and even the month when you’re more likely to get a discount or deal. However, there are still great ways to make sure you get the best deal any time of the year.
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