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The Best Times to Buy a Car
Target these times of year if you're in the market for a new car
Target these times of year if you're in the market for a new car
By Ben Young
It seems that whenever you flip on the TV, you’re hit with a slew of ads telling you now is the best time to buy a car. But if these ads have taught us anything, it’s that dealers and car manufacturers want us to believe that every day of the year is the best time to buy a new car. And for them, that’s definitely true – but for the rest of us, there are some key times of year that can help us save a few dollars on our next ride that may be worth the wait.
Mondays and Wednesdays
Sure, the weekend is a convenient time for you to peruse a car lot since you probably don’t have to work, but dealers recognize this and staff accordingly. Since fewer potential buyers visit a lot on Mondays and Wednesdays, a salesperson likely has more time to negotiate with you. A recent study from TrueCar found that buyers can save $300 on average by purchasing a car on Wednesday compared with Sunday.
End of the Month
This one probably doesn’t come as a surprise to seasoned car buyers, but automakers, dealers and salespeople generally have monthly sales targets, often with handsome bonuses attached to them. If you’ve identified a car you like, consider visiting a dealership between the 16th and 20th of the month. Don’t lock in the deal, instead, wait until the last two or three days of the month to negotiate in case the dealership needs the sale to meet a quota.
Model Transition Season
Also known as fall, or more specifically, October, model transition season can be an excellent time to get a good deal on last year's models as next year's models start hitting lots. To make room for additional inventory, dealers have an incentive to move the prior year's models. This means discounts and extra room for bargaining. In fact, TrueCar found that buyers can expect up to 8% off MSRP when they buy a car in late October. Be sure to do your research – some models transition in late summer or into early winter, so research when the best time to hit the lot will be for your desired make or model.
Holiday Sales Events
Automakers create sales events around various holidays throughout the year to move inventory, and these events usually are tied to deep rebates or special financing. While Memorial Day typically sees some of the best offers according to Forbes, the Fourth of July, Labor Day, Christmas and New Year's also offer heavily promoted sales events. Dealers may also sweeten the deal at these times by offering discounts of their own.
Before You Hit the Lot
Even if you've identified the best time for you to buy your next car, it's equally as vital for you to learn as much as you can about your next vehicle. That includes everything from the sticker price, to standard equipment and options, plus rebates, financing and more. Websites such as KBB.com and Edmunds.com are a great resource to learn what the dealer paid for a vehicle, which can help you get your footing.
