Best Times to Buy: Cars
If you’re looking to buy a car within the next year or so, you need to read this article.
Knowing when to buy your car can help you score a significant discount on the final price of your vehicle and enjoy savings on your auto loan for years to come.
Here’s when to buy a new car throughout the year, plus general times when you may want to hit the dealership.
May
After a slow winter and early spring, the auto industry tends to pick up speed in May. Automakers and dealers will start rolling out specials early in the month, offering discounts like cash-back deals and bargain-priced leases, which you can only get during this time of year.
Shop May for a fabulous deal on a new car.
October
If you’re a student, the new year starts in September as the school year kicks into gear and you go up a grade. For businesses and most other people, that happens in January, with the start of the new fiscal and calendar year along with all that it entails. For the auto industry, the year starts in October. This means that new and redesigned models start hitting the showrooms and dealerships this month.
Take advantage of this lopsided calendar by shopping for a new car in October. You’ll find steep discounts on all older models as dealers make room for the incoming shipments. They may also offer incentives to help move cars, such as free add-ons, lower interest rates, no-fee loans and more. Of course, it’s only the outgoing models that will have discounts this month, but the savings you can enjoy can make it more than worthwhile to forego a brand-new car.
November
Next up, is the month that kicks off the biggest shopping season of the year. As autumn deepens, older models continue to sell at discounted prices. Prices will likely drop even further than they did in October, though stock will also be dwindling.
November is a fabulous time to buy so much more than a new TV and Crock-Pot. If you’re thinking of a new car this fall, think November.
December
The last month of the end-of-the-year car-buying frenzy brings with it lots of cash-back deals and great financing options on new cars. You’ll find some older models still hanging around the lot at discounted prices, plus some newer cars, which may have slightly lower prices as well. Dealers are anxious to meet their quarter- and year-end quotas, so you can capitalize on that by shopping for a new car in December.
New Years
New Year’s Eve and Day are fabulous times to buy a car. End-of-year car sales reach their final peak on the first day of the year and are often coupled with attractive financing and lease deals from automakers. Plus, not many people are car-shopping on the last day off from work before their vacation ends, so you’ll have more attention from the dealer.
More great times to buy a car
In addition to these times of year, here are some other times you may want to shop for a new car.
- Between design cycles. Automakers will slightly upgrade their cars each year, but they will only completely redesign it approximately every five years. If you shop for a car right before it hits the end of its design cycle, you can enjoy massive incentives and steep price cuts.
- On Mondays. Yes, there’s a best day of the week for buying a car. Weekends are usually the busiest time for dealerships. When business plunges on Mondays, they are more likely to offer discounts. You’ll also enjoy an emptier showroom, making your car-shopping easier.
- Three-day holiday weekends. In general, you’ll want to avoid shopping for cars on weekends, but three-day holiday weekends are the exception. You’ll find that deals are abundant on Memorial Day, Labor Day, July 4th and Presidents’ Day weekend.
If you’re looking to buy a new set of wheels, read this guide first! You can enjoy significant savings if you know how to time your purchase right.