Given that our vehicles are among our most significant investments and we only purchase them every decade or so, it’s not surprising that we want a buying experience that has us driving off the lot feeling we got the best deal possible within our limited budget.
When the time comes to purchase a new vehicle, saving as much money as possible starts with understanding that timing and planning are everything. Having the patience to do a bit of research and develop an understanding of the unique elements of your make and model’s production cycle and local dealerships’ discount history allows you to pull the trigger on your next vehicle purchase at exactly the right moment.
ARE YOU TRADING IN?
If you’re planning to trade in, getting as much as possible value from your current vehicle can help pad your new vehicle budget considerably. Consult Edmunds or Kelley Blue Book to understand the value of your current vehicle and trade it in without the need for any major repairs to ensure you get as much value as possible.
ARE YOU LOOKING TO BUY A SPECIFIC MAKE AND MODEL?
Each year, manufacturers typically release the upcoming year’s models in the August to September timeframe. Once you’ve settled on a specific make and model, do some research to understand when the upcoming models for your specific vehicle will be released. This can help you save big money on never-driven outgoing year models as dealerships price them aggressively to make room for next year’s models. It can also allow you to be among the first to drive off the lot with the latest edition when they are released.
TIMING IS EVERYTHING
In fact, manufacturers’ production schedules drive a great deal of the discount landscape when it comes to buying a new car. TrueCar studies have shown that October to December average the most savings off MSRP at 10.3% while January to April only yield 9.6% average savings off MSRP. If you aren’t desperate to purchase a vehicle right away and are willing to wait and plan to take advantage of lower demand periods, you can save thousands on your purchase.
THE AUTOMOTIVE INDUSTRY IS DRIVEN BY NUMBERS
Understanding that manufacturers and dealerships are driven by weekly, monthly, quarterly, and annual sales quotas can help you take advantage of big discounts. Timing your purchase in moments when they want to close sales the most ensures that you’re more likely to experience a healthy discount. The end of a year or quarter are the two best times to save big.
PAY ATTENTION TO UPCOMING HOLIDAYS
Holidays like President’s Day, Independence Day, Labor Day, and Memorial Day have become shopping discount traditions with many industries timing their biggest sales events of the year to coincide with these holidays. Likewise, informal holidays like Black Friday or Cyber Monday can be hotspots for deals as well.
Whether your need for a new vehicle is urgent or one that you can afford to wait to act on, taking the time to understand your individual vehicular needs and expectations as well as reading the sales landscape will pay dividends once you’re ready to make the purchase.
This content was created in partnership with TrueCar.
