When is the Best Time to Buy a Car?
You’re ready to buy a vehicle, but want to get the best deal possible. Trying to figure out the best way to accomplish this can be confusing.
Here are some great tips on how to get your dream set of wheels for the right price.
Buy at the End of the Year or Late in the Month
Nearly every study that analyzes the best time to buy a car concludes that more incentives and lower prices are offered during the months of October, November and December. That’s because dealerships are ready to clear out any remaining inventory from the current year. They also set monthly sales goals, so the end of any month is also a good time to buy.
Combining the two could yield the best deal. However, keep in mind that car buying is a balance between what you want and how much you can spend. While you’ll generally save more, the lot may also have fewer vehicle choices. If you can find a car that you’re happy with in the dealer’s inventory, this might be your best strategy.
Ask About the End of a Model Year
Years ago, new car shoppers flooded dealerships during the summer months to buy vehicles that would be considered “last year’s model.” Today, manufacturers introduce new models a little differently. There is no official end of the model year for all vehicles, however, many new models do arrive during the early fall. Be ready to buy your vehicle in the late part of summer if the deal is right. Auto salesmen may be inclined to give you more bang for your buck if they know new inventory is on the way.
Buy On or Around a Holiday
We’ve all seen the commercials that claim major savings when you buy a car around a holiday, but is it true? In many cases, purchasing your vehicle around New Year’s Day or the 4th of July can keep more money in your pocket. J.D. Power representatives told HuffPost that the highest amount of new-car incentives were issued between Christmas and New Year’s during four out of the past five years.
Why? Specifically, around New Year’s, dealerships want to sell their remaining inventory. When a holiday falls at the end of the month, the discounts could be even higher. Auto manufacturers and dealers also count sales by the month (among other calculations.) A holiday means the next sales month doesn’t begin until the next regular business day.
Shop for a Vehicle Before You “Need It”
You don’t want to buy a car when you are desperate for transportation. Breathing room always makes financial decisions easier and you want to purchase a vehicle that you know you will like. This takes time. Shop early and test drive similar vehicles that you’re interested in. You can compare and contrast positive features, likes and dislikes. Additionally, don’t wear out your current vehicle if you think it will have a solid trade in value or if you can sell it outright. Trade in your car to take money off of your down payment or use funds from the private sale of your current vehicle to help with financing.
Auto Insurance For Any Vehicle
When you’ve picked out that perfect new cruiser, you’ll want to know it’s properly insured. Insure On The Spot offers quality and affordable insurance policies for all drivers. Contact us today for a free auto insurance quote. It only takes two minutes to have peace of mind.