As with many things in life, buying a new car depends on the right timing. You’ve probably already done a lot of research and even test driven the cars you’re considering. But when should you actually pull the trigger and sign the dotted line? Is there a season, a day of the month, or a particular season that is better than another? Will there be a better selection of vehicles in the showroom or on the dealer lot in the winter or summer?
As it turns out, if you can delay buying a new car for a few days – or even a few weeks – you could potentially save a lot of money when it’s time to sign on the dotted line. Some of this information applies to both new and used cars. So if you’re looking for a quote, this is the information you need.
When is the best month to buy a car?
The absolute best time of year to buy a new car is the end of December. Then a dealer’s annual, monthly and weekly sales goals align. Achieving these goals can unlock a lot of incentives and rewards for the dealer, meaning they are likely more eager than usual to make a sale.
Of course, there are many other good times to buy a new car. Here are some of the main issues, as well as times when you might be better off waiting.
When is the best time to buy a new car?
The end of the month
Car dealerships have monthly sales quotas, and individual salespeople often have bonuses tied to these goals. At the end of the month, a seller may be willing to sell a car at a lower price than he would otherwise, since the financial reward for reaching a sales goal can often outweigh the amount of money lost by lowering the price of a new car a sale.
The end of the day
Every good car salesman knows not to let a customer leave empty-handed. At the end of the day, if a seller is trying to negotiate a purchase price, they may be more inclined to close a deal. Finally, there is no guarantee that you will return to that dealer after you walk out the door.
What is the cheapest day to buy a car?
Monday is the best day of the week to buy a new car. This could be because the dealership is not as busy at the beginning of the week or because salespeople are anxious to hit their weekly goals. Either way, multiple studies over the years have shown that car buyers often make better deals on Mondays.
What are the best holidays to buy a new car?
Black Friday isn’t just about standing in line at the mall. Car dealerships have begun releasing Black Friday deals in recent years, with additional incentives tied to this popular shopping day. New Year’s Eve is also a good day to buy a new car because that’s when a dealer’s annual, monthly and quarterly goals align. New Year’s Day can also offer some benefits, as retailers sometimes offer end-of-year closeouts that extend into the first few days of the new year.
The worst times to buy a new car
Avoid purchasing a car at the beginning of the month as sellers are not as keen on meeting their monthly sales targets. Saturday is also the worst day of the week to buy a new car because dealers are often busiest on Saturdays and salespeople have numerous other sales opportunities throughout the day.
It also makes sense to avoid buying a new car if demand for that particular model is particularly high. When a hot new car comes on the market, dealers tend to place high premiums on their limited inventory. If you don’t need to have the latest and greatest new car when it launches, waiting a few weeks or months can save you a lot of money.
Other things to consider if you want the best deal on a new car
Always look for local discounts when buying a new car. Call in or check dealer websites to see if there are any special incentives for that location. Just because a car costs the same price at one dealer doesn’t mean it will have the same price at the dealer in one city.
Look at the previous model year. If the car you’re researching hasn’t had a major redesign, dealers are often eager to get rid of last year’s inventory to make room for newer models. The differences between last year’s model and the new version may be so small that you’d never notice them, but opting for last year’s model could mean big savings.
Similar video: