If you're in the market for a brand-new car, you may be wondering when is the right time to buy. There's no one answer, and it really depends on your own situation and preferences. But there are some general guidelines that can help save you thousands.
So when is the best time to buy a new car? And when should you avoid it like the plague? Here are four of the most common times when dealerships push sales:
The End of the Month
The end of the month is a good time to buy a new car. Dealerships have sales goals, and they have to meet them in order to remain profitable, and ensure that automakers continue to send them a fresh inventory of popular models. Salespeople are more motivated to close the deal toward the end of the month, and therefore more likely to negotiate a lower offer on a car.
Waiting can also be helpful if you started shopping earlier in the month. You don't want to feel rushed into making an expensive decision. Therefore, taking your time gives you plenty of room to shop around, get to know your salesperson, and get the best deal possible.
Weekdays, Not Weekends
It’s no secret that weekends are the worst time to buy a new car, but why?
There are fewer customers at the dealership on weekdays. This makes it easier to talk with salespeople and negotiate a more favorable price. Dealerships often close early on weekends as well. If you want to get your dream car for an upcoming occasion, it's wise to try looking for one during the week instead.
Most lenders are also only open on weekdays. You'll have more opportunities to speak with lenders at local credit unions and banks. This will ensure you're getting the most advantageous financing deal if you buy a car on a weekday. Otherwise, you may be stuck financing through the dealership, which isn't always the right option. That being said: Having a pre-approved financing deal in place before you visit the dealer is usually the easiest way to get the best financing deal.
Year-End Sales Events
Similar to the end of the month, the end of the fiscal year is a big deal for dealerships and car makers. Year-end sales events can start as early as October, and typically feature robust incentives such as rebates and low financing rates. This is a very effective way to save money over the entire term of your car payments.
The downside to shopping at this time of year is that it's a very popular time to buy a car! Dealerships will be packed, so do your homework before you head to the dealership. You might have a hard time speaking to someone right away.
End of Model Year
This is the time many people wait for, as there are generally a bunch of incentives to help push out old models and make room for upcoming ones. If a manufacturer's model year runs from October to September, you'll be able to save some serious money on last year's model in late November and December.
Keep an eye out for features that have recently been introduced to a model you're interested in. If a vehicle is refreshed — such as adding upgraded features or an updated look — the price could be higher. If a vehicle gets a complete redesign, the discounts can get pretty substantial! The only downside to this approach is that warranties are shorter during this time.
There’s no way to predict what the best time to buy a new car will be. However, if you keep up with news about price fluctuations and incentives, you can at least try to get the most out of your budget! Be sure to check out our Blog Post on 2022’s Most Reliable Cars for some of our favorite car options. Be sure to keep that new car clean with your EverWash membership!