The Ultimate Guide to Finding the Best Time to Buy a Car
It’s no secret that buying a car is a big financial decision. With so many factors to consider, finding the best time to make your purchase can be a daunting task. But fear not, we’ve done the research for you and compiled all the information you need to know about the best times to buy a car. From the time of year to the specific holidays, we’ve got you covered. So let’s dive in and discover the secrets to getting the best car deal possible.
When is the Best Time to Buy a Car?
If you’re looking to save money on your car purchase, the best time to buy a car is from October through January 1st, with December standing out as the prime month. This holds true for both new and used vehicles. During this period, car prices drop as auto salespeople are eager to push inventory out before the new year and meet their sales quotas to earn hefty cash bonuses. But if you can’t wait until the end of the year, don’t worry, there are other times of the year when you can still score great car deals, incentives, and rebates.
The Worst Times to Buy a Car
While we’ve established the best times to buy a car, it’s equally important to know when not to make your purchase. The beginning of the month is generally a bad time to buy a car as car salespeople are not as driven to meet their sales quotas. Additionally, the months with the least discounts are January through April. However, it’s worth noting that holiday weekends are an exception, so if you’re eyeing a specific holiday, you might still be able to snag a great deal.
The Best Time of Year to Buy a Car
The end of December is hands down the best time of year to buy a car, especially if you’re in the market for a new vehicle. During this time, you’ll find a large stock of departing models, which means dealerships are more likely to offer discounts and rebates to make room for the next year’s new supply. Additionally, the end of the model year is another prime time to buy a car. Dealerships offer more discounts and rebates on models that are selling slowly or are about to be redesigned or discontinued. Model years generally end around Labor Day for domestic brands and in October or November for imports, while new car models start arriving in September or October.
The Best Time of Month to Buy a Car
If you want to take advantage of competitive car-buying deals, look towards the last week of any month or quarter. Car salespeople are more motivated to slash prices during this time to meet their sales quotas and earn company bonuses. It’s also worth mentioning that many car buying incentives roll over a couple of days into the new month, giving you extra time to make your purchase.
The Best Time of Week to Buy a Car
Believe it or not, Monday is usually the best day of the week to buy a car. Showrooms are generally less busy, which means you’ll have more time and attention from the sales staff. If the dealership is closed on Sunday, Tuesday is also a good option. While weekends are typically busier, holiday weekends often provide better car prices.
The Best Holidays to Buy a Car
Certain holidays offer better car-buying opportunities than others. Christmas Eve, New Year’s Eve, Memorial Day, and Black Friday are some of the best holidays to buy a car. During these times, dealerships often have clearance sales and offer substantial discounts and rebates. These holidays are especially beneficial if you’re looking for outgoing models or current-year cars with discounted prices.
The Current State of the Car Market
Understanding the current state of the car market is crucial when deciding on the best time to buy a car. The auto market is currently facing challenges such as inflation and supply-chain issues, including the microchip shortage. As a result, car prices have been on the rise. In December 2022, the average new car in the U.S. sold for a record-high price of $49,507. While prices have slightly decreased since then, they are still higher compared to the previous year. However, the average used car price has seen a slight decline, making it a viable option for budget-conscious buyers.
How to Get the Best Deal on a Car
Saving money on your car purchase goes beyond just timing. Being prepared and knowing your budget beforehand can prevent you from overspending. Getting preapproved for an auto loan and comparing offers from your bank or credit union with dealer financing gives you more bargaining power. Improving your credit score before car shopping can also help you secure better financing options. If you plan to trade in your current car, make sure to obtain the payoff amount from your lender, get an estimate of your car’s trade-in value, and gather any relevant paperwork to streamline the process.
When’s the Best Time to Buy a Car? Conclusion
In conclusion, the best time to buy a car is between October and January 1st, with December being the standout month. However, don’t feel limited to these specific times. There are still opportunities to score great car deals throughout the year, especially during holiday weekends and the end of the model year. By understanding the current state of the car market and implementing smart strategies such as getting preapproved for a loan and improving your credit score, you’ll be well-equipped to find the best car deal possible. Happy car shopping!