The Best Time of Year to Buy a Car and Save Money
Buying a car is a significant investment, and timing your purchase right can lead to substantial savings. Whether you’re eyeing a brand-new model or a quality pre-owned car, knowing when to buy can make all the difference. The car market has certain peaks and dips throughout the year, offering opportunities for savvy buyers to get the best deals. But when exactly is the best time of year to buy a car and save money?
In this blog, we’ll explore some of the key times during the year when you can expect to find the best deals, and we’ll also share some tips on how to maximize your savings.
- End of the Calendar Year
One of the best times to buy a car is at the end of the calendar year, particularly during the months of November and December. Dealers are typically eager to clear out their current-year inventory to make room for the next year’s models. This is especially true in December, as dealerships aim to meet year-end sales goals and are more likely to offer incentives, discounts, and rebates. Additionally, manufacturers often provide attractive promotions to help dealers move vehicles before the New Year.
If you’re considering a pre-owned vehicle, the end of the year can be a great time to snag a deal as well. Many individuals trade in their old cars during this period, increasing the dealership’s inventory of used cars. This means you’ll have a wider selection of quality pre-owned cars at discounted prices.
- End of the Month
The end of the month is another prime time to buy a car. Dealerships often have monthly sales quotas, and salespeople may be more willing to negotiate in the final days of the month to meet those targets. If a salesperson is close to hitting their quota, they might offer you a better deal on a car just to ensure they hit their numbers.
For instance, if you walk into a dealership during the last few days of the month, you might have more leverage when negotiating the price, especially if the dealer is trying to meet their quota or secure a monthly bonus. Timing your visit carefully could mean the difference between paying full price or walking away with a discounted offer.
- End of the Quarter
Similarly, dealerships have quarterly sales targets to meet, which means the last months of each quarter (March, June, September, and December) can also be excellent times to purchase a car. Just like the end of the month, salespeople are eager to meet their quotas, and dealership managers may be willing to negotiate more aggressively to reach their quarterly sales goals.
For car buyers, this means you’re more likely to encounter promotions, rebates, and discounted pricing during these periods. December is particularly attractive since it coincides with both the end of the year and the fourth quarter, amplifying the chances of scoring a great deal.
- Major Holiday Sales Events
Holiday weekends often bring big sales events, making them another ideal time to buy a car. Dealerships use these long weekends to offer special promotions and incentives to attract buyers. Some of the most notable holidays to watch for include:
– Black Friday: Typically the best time of year for bargains across the board, and car dealerships are no exception.
– Memorial Day Weekend: Seen by many as the unofficial start of summer, it’s also the beginning of the car-buying season, and dealerships may offer attractive deals to kick things off.
– Labor Day Weekend: Dealers are often trying to clear out current-year models to make room for new ones, making it a great time to buy.
– Fourth of July: Mid-year sales can offer steep discounts on both new and pre-owned vehicles.
– President’s Day Weekend: One of the earlier chances in the year to find significant savings, especially for pre-owned inventory.
- Model Changeover Time
Each year, car manufacturers release new models, typically during the fall. As a result, dealerships are eager to clear out older models to make room for the new inventory. If you’re not concerned with having the latest model, this is an excellent time to find discounts on outgoing models. By purchasing a previous-year model just before the new ones arrive, you can enjoy savings without sacrificing the benefits of owning a nearly new car.
- Tax Refund Season
While many people opt to buy cars during tax refund season (around March and April), it’s important to note that prices may not be as favorable during this time since dealerships know many buyers have extra cash on hand. However, if you plan to use your tax refund as a down payment, you might find some seasonal promotions running, particularly as dealerships look to boost their second-quarter sales.
If you’re looking to take advantage of flexible financing options during this period or any other time of year, it’s a good idea to Apply For Financing ahead of time. This can give you a clearer picture of your budget and streamline the car-buying process.
- Best Time for Pre-Owned Vehicles
When it comes to pre-owned vehicles, the best deals can often be found during the late winter months (January and February). This is traditionally a slower period for car sales in general, and dealerships may be more inclined to offer discounts on their pre-owned inventory to stimulate sales. Additionally, the influx of trade-ins at the end of the year means there is typically a greater selection of pre-owned cars available early in the year.
If you’re in the market for a quality pre-owned car, browsing through the available options during these slower months can yield some great finds. Dealerships are eager to move inventory, and you may have more negotiating power during this time.
Conclusion
Timing is key when it comes to saving money on a car purchase. Whether you’re shopping for a brand-new model or a quality pre-owned car, knowing when to buy can lead to significant savings. By considering factors such as the end of the year, the end of the month, or taking advantage of holiday sales events, you can make sure you’re getting the best possible deal.
And if you’re ready to make your next car purchase, don’t forget to Apply For Financing to ensure a smooth and affordable buying experience.