Buying a car can be one of the most exciting and daunting decisions you’ll ever make. It’s a significant investment, and timing is crucial to ensuring you get the best deal. If you’re wondering, “When is the best time to buy a car?” you’re not alone. Many people spend weeks or even months trying to figure out the best time to go to a dealership. While there’s no one answer that works for everyone, experts agree that certain times and strategies can lead to better prices and deals. Let’s break down some of the best times to buy a car and why they work to your advantage.
End of the Month and End of the Quarter
One of the auto industry’s best-kept secrets is that the end of the month or quarter can be an ideal time to buy a car. Dealers and salespeople often have quotas to meet, and as the deadline approaches, they may be more willing to negotiate on price to ensure targets are met. Whether you have a monthly or quarterly sales goal, dealers may be more likely to offer you deals if they are under pressure to move inventory. If you are flexible, visiting a dealership in the last few days of the month or before the end of the quarter can give you a significant advantage in negotiations.
Holiday Sales and Special Events
Many dealerships offer special deals during major holidays. Memorial Day, Labor Day, Black Friday, and even New Year’s Day often offer sales events that offer lower prices or financing incentives. These holiday sales can be a great time to buy a car, especially if you are looking for discounts. Dealers often use these events to clear out inventory, so if you are in the market for a new car, keep an eye on these important dates. During this time, it is not uncommon to see significant price drops or additional incentives, such as no-interest financing or cash-back offers.
End of Year Clearance Sale
As the calendar year draws to a close, dealers rush to clear out a whole bunch of this year’s models to make room for next year’s inventory. This usually means that you’ll find some of the best prices on the lot in November and December. If you’re willing to buy a car from an upcoming model year, this is often a time to shop for heavily discounted vehicles. Dealers are more willing to negotiate because they want to make room for newer models. While you may not have all the latest features, you can still get behind the wheel of a brand new car for a fraction of the price it cost earlier this year.
Weekdays Over Weekends
The weekend seems like the best time to buy a car, since most people have time to visit dealerships. However, shopping during the week, especially on Mondays or Tuesdays, can actually work to your advantage. Dealerships are typically less busy during the week, which means salespeople are more likely to pay attention to you and spend more time negotiating a good deal. With fewer customers vying for your attention, you’ll find that the entire process runs more smoothly and that salespeople are more likely to close the deal without much haggling.
New Model Release Date
Each year, automakers typically release new models in late summer or early fall. This can be an ideal time to buy new models, as dealers are eager to make room for the newest models. Newer models often come with newer features, but if these upgrades aren’t a priority for you, buying the previous model could save you thousands of dollars. While others are rushing to get the latest version, you’ll be getting a nearly identical vehicle for a lower price. Be sure to research any changes between model years to make sure you’re getting what you want.
Spring Breeze vs. Spring Breeze Winter Rest
Trends in car buying change seasonally. Car sales typically pick up in the spring and summer, especially around tax season. People get discounts and want to make big purchases, which means dealers are less likely to offer big discounts. Winter, on the other hand, is usually a time when car sales slow down. Because fewer people are buying cars during the colder months, you’ll find that dealers are more willing to negotiate on the sale. If you don’t mind braving the cold or snow, a trip to the dealership in the dead of winter could be your ticket to a good deal.
What About Used Cars?
While much of the above advice applies to new cars, timing is also important when buying a used car. One of the factors that affects used cars is supply and demand. For example, when the holidays are over or there is a tax refund, people often want to trade in their current car for a newer one. A large number of trade-ins could mean an increase in used car inventory, which can lead to lower prices. Another good time to buy a used car is after the summer, when many families trade in their cars for new ones in preparation for the new school year. Pay close attention to trends in the used car market to take advantage of periods when dealers have more trade-ins.
Arrange Your Auto Loan
In addition to when to buy, it is also important to consider when to get financing. Interest rates fluctuate throughout the year, so paying attention to trends in auto loans can save you money. If you are pre-approved for a loan, you will have more leverage in negotiations with the dealer. Waiting for a period of lower interest rates can have a significant impact on the total amount you pay over the life of your car loan. If interest rates are high when you are ready to buy, consider waiting longer or shopping around for the best financing deal.
Conclusion
While these tips will help you with your car buying decision, the best time to buy a car is ultimately when you are ready. Factors such as your budget, the urgency of your need for a vehicle, and personal preferences play a large role in deciding when to buy a vehicle. If you are not financially or emotionally ready, you do not have to rush into buying a car just because the time is “right.” Make sure you have done your research, secured financing, and are confident in your decision. As long as you are prepared and patient, you can get a good deal no matter when you decide to buy.