Is there ever a perfect moment to purchase a car? The answer might surprise you. According to our team of experienced Car Coaches, there is indeed an optimal time of year to buy a car, and the benefits are substantial. In fact, new car incentives during this period can be a whopping 40% higher than at other times. So, if you’ve been contemplating buying a car, now is the time to act.
In today’s auto market, where interest rates for new cars average over 8% and used cars have an average APR of nearly 14%, every dollar saved becomes even more significant. When you factor in the cost of borrowing money, the savings from buying a car at the right time can be much more substantial than you might expect. So, what are you waiting for?
If you consider the unfortunate predicament of those who bought EVs, vans, or trucks earlier this year, you’ll understand the importance of patience when it comes to car buying. Prices were sky-high at the beginning of 2023, but as the year progressed, the car market changed significantly. Overall, new car prices have dropped by 3.5% in 2023, with some segments experiencing even steeper declines. For example, retail EV prices have fallen by 10%, while trucks, vans, and luxury cars have also seen significant price drops. This means that vehicles that were selling for well over their MSRP a few months ago are now available at much lower prices. So, exercising patience in your car-buying journey can be highly rewarding.
Now, let’s dive into the specifics. When exactly is the best time of year to buy a car? The answer lies in the year-end deals that reign supreme. During the months of November and December, automakers are pushing their upcoming model year vehicles to dealer lots that are already brimming with inventory from the current year. Moreover, both car manufacturers and dealers know that many buyers prefer to wait until the end of the year to secure the best deals. Consequently, the best new car sales of the year tend to occur all at once during this period.
To narrow it down further, the timeframe from mid-November to December 31 is ideal for seeking new car deals. This year, the allure of new car sales is so strong that it could have a negative impact on used car prices as buyers flock to dealerships in pursuit of these enticing offers. Keep an eye out for Black Friday deals towards the end of November, where you can expect to find 0% APRs, significant cash discounts, and attractive lease offers. However, if you’re looking for the absolute best time to buy a car, wait until the final days of December. This is when automotive manufacturers, dealers, and sales staff are driven by the desire to reach their year-end sales goals. To incentivize customers, dealerships offer discounted prices, substantial rebates, and special financing terms. It’s a win-win situation where buyers can secure great deals while dealerships boost their financial gains.
As we delve deeper into 2023, Black Friday car sales are already in full swing, but the best is yet to come. Year-end car sales emerge as the most significant sales events of the year, surpassing any other sales promotions by a wide margin. Several automakers, especially those based in the U.S., are struggling with excess inventory. This oversupply creates an opportunity for buyers to negotiate even better deals.
So, as we navigate through the final months of 2023, seize the opportunity to make the best car deal of the year. With motivations running high and incentives reaching new heights, there has never been a better time to buy a car that will leave both you and your wallet smiling.
And don’t worry, we’ve got you covered every step of the way. Download our 100% free car buying cheat sheets to outsmart the dealerships and make informed decisions. Whether you’re negotiating a deal or considering leasing options, these cheat sheets provide valuable insights to help you navigate the car-buying process with confidence. Get your cheat sheets today and embark on your car-buying journey armed with knowledge and preparedness.
In conclusion, the best time of year to buy a car is now. With year-end deals offering substantial savings, there’s no better opportunity to make a purchase that leaves both you and your wallet satisfied. So, start your car-buying adventure today and take advantage of the incredible incentives available in the current market. Happy shopping!