In the market for a new car? When you buy may have an impact on the purchase price – timing makes all the difference in your final purchase price. By doing your research ahead of time and shopping during sales, you can get a fantastic deal on your next vehicle. This guide will walk you through the best times to buy a vehicle.
The End of the Year
One of the best times to buy a new car is at the end of the calendar and financial year. Dealers want to move out old inventory and make room for new models for the coming year, so you’ll generally see some pretty fantastic deals on vehicles during this time. Car manufacturers often have incentives for dealers to sell inventory during this time, so many dealers drastically reduce their prices to take advantage of manufacturer incentives. Sales incentives during this period can often add additional extended warranty periods to attract customer sales.
Back-end finances also have to do with end of the year sales. Car dealerships want to carry over as little inventory as possible into the new fiscal year, and the best way to do that is through sales events. The best days to shop for a new car are the last few days in December. The closer you are to the end of the year, the better the deal you’ll get. Dealers and manufacturers want to get rid of their old inventory by any means necessary, which equates to big savings for consumers.
Like the end of the year, dealers and manufacturers will usually offer deals and incentives on major holidays throughout the year. If you’re not able to wait until the end of the year, try to time your purchase around the next major holiday. Dealers that are stuck with too much inventory will often have additional discounts to move unwanted inventory.
You should always still do your research before heading out to purchase a new vehicle. Even with holiday sales events you need to be knowledgeable about the vehicle and its specifications, price, and maintenance requirements to make sure you’re getting the best deal possible.
At the End of the Month
Dealerships and manufacturers have monthly sales quotas that they need to meet, meaning the end of the month is usually the best time to purchase a vehicle because they need to meet those monthly quotas. If you’re unable to wait for the end of the year or the next holiday, simply waiting until the end of the month can save you a lot of money on your next vehicle purchase.
Start shopping at the beginning of the month. Check out vehicle specifications, prices, and current incentives. At the middle of the month go see the vehicle in person, but hold off on purchasing it – you’re letting the dealer know you’re serious but making them wait for your business, which can help when it comes to negotiation. Wait until the last few days of the month before going in to purchase the vehicle. The closer you can make it to the end of the month, the better the price will be. The dealer wants to make the sale and move inventory before the month closes out, which means potential additional savings for you.
Along with timing, doing your research is what’s going to get you the best deal on your next vehicle. Not doing your research can result in you overpaying for your vehicle or not getting what you wanted. Know what the car is worth and be firm in your negotiations. If you can’t get the price you need don’t be afraid to take your business elsewhere.