When Is the Best Time To Buy a Car? | Buying a car requires a ton of work. You have to decide what type of vehicle you want and then narrow your ideal list of features.
Then, of course, you have to find a way to pay for the vehicle. An auto financing loan can help you in this regard.
There is another way to make your vehicle purchase more affordable. When you go shopping for other items, you probably look for various deals.
Oftentimes, just purchasing a product on a certain day can save you money. For instance, you may take advantage of Black Friday sales or buy airline tickets in the middle of the week.
Similarly, certain days are better when it comes to buying cars. Purchasing a vehicle at the optimal time can save you money. This should make it easier for you to find a car within your budget. Below are the best times to purchase a vehicle.
End of the Month
Most sales associates have monthly sales targets. They may even receive bonuses if they exceed their quotas. As the end of the month approaches, salespeople become more desperate to hit those goals. They thus may offer you a lower price to increase their chances of making the sale.
Dealerships similarly look to meet their sales targets each month. That’s because automakers reward the most successful dealerships with additional vehicles. Keep in mind, however, that if the salesperson or dealership has already exceeded its quota, you likely will not get offered a discount.
End of the Model Year
When a new model is coming out, dealers will want to get rid of their older model cars. While there is no set model-year end, the updated vehicles typically hit the showrooms in the late summer or early fall. In general, the more updates are made between model years, the greater the discounts will be on the previous model.
Dealerships offer tons of sales on holidays, particularly during three-day weekends. Memorial Day is one of the best times to buy a car since it a holiday weekend and indicates the start of the summer selling season. Dealerships thus usually have a variety of options for consumers. If you have your sights set on a specific option package or color scheme, you will have a better chance of finding it on Memorial Day.
Discounts are also common on Labor Day, as dealerships are usually trying to sell their older model vehicles during that time. Car dealers typically advertise sales on Labor Day, Presidents Day and Independence Day, as well.
Like most retailers, dealerships offer great sales during Black Friday. To take full advantage of these deals, you should plan ahead of time. Take different vehicles out for test drives, and see what type of trade-in value you can get for your current ride. If you decide to take out a loan, try to get preapproved before you arrive at the dealership.
As both the end of the month and a holiday weekend, New Year’s is also a good time to buy a car. Just keep in mind that the dealership will likely be packed during that holiday.
Mondays and Tuesdays
If you want to avoid the crowds, you should head to the dealership early in the week. On weekends, salespeople are usually dealing with multiple customers at once. On Mondays and Tuesdays, however, you will have time to ask questions and negotiate a better price. You will also have the chance to talk to your local bank and credit union about financing. These lenders are typically closed on weekends.
In some places, dealerships are closed on Sundays, making Mondays one of the busier days of the week. If that is the case in your town, go car shopping on a Tuesday or Wednesday instead.
By understanding when dealerships offer discounts on cars, you can adjust your buying plan to get the best deal. This way, you can spend more time enjoying your new or used vehicle, and less time worrying about how you will afford it.